The historical intervention in the exchange market of the Central Bank that started this Monday managed to contain below the psychological barrier of 1,000 pesos per dollar, which recorded a daily fall of more than 3%.
The dollar price has fallen more than 120 pesos after the foreign exchange intervention BancoCentral, that although experts qualify as “successful” They emphasize that it will have a temporary effect on the international scene.
Until 925 pesos and 50 cents the price of the dollar fell on the second day of exchange intervention by the Central Bank, accumulating a drop of more than 11% since the 1.051 pesos reached last week.
Although the decision of the issuing institute has given balance to the market, experts stress that the external scenario has been favorable this week, helping the Chilean peso.
Going forward, however, Xavier Morales of the CFT Santo Tomás is pessimistic, while Guillermo Araya de Renta 4 projects to what level the dollar could fall.
“The intervention of the BC has not been the only factor that has allowed the currency to drop in Chile. It is possible that in the coming days the upward trend will return due to to external factors that affect our economy,” he said.
With the fall of more than 120 pesos accumulated by the dollar in the last three sessions, practically all the increase accumulated in the first fortnight of July has been erased.
Low price of the dollar in Chile
This was the expected effect within the local market and, leaving the dollar under $1,000 pesos, now it should be considered that the Central Bank expects the currency to stabilize at $930, about, for the next 60 days, commented ruby angel, Libertex senior analyst.
“There is still room for falls and recoveries within this period of time, especially since the internal climate has a political event, as it is the approval and the reform”, he added.
This “Without a doubt it will bring its repercussion in the local market”, said the expert, either with greater or lesser impact. To this I add the impact of copper, which “notes a fall of 1.81% on the day, trading at $3.28 USD”.
This, due to the uncertainty due to the possible Chinese recession and its monetary policy measures to be implemented.
“As long as they don’t push the sector industrial it is difficult for them to move the scale of copper demand, which is being one of the most important factors for this fall and, incidentally, it is causing existing inventories to exceed demand”, concluded the analyst.