Although the exchange rate continues its upward trend, falls could continue to be seen in the face of the Plebiscite.
Yesterday he dollar it averaged $890.39 and hit a low of $881.70; and bearish pressure is showing again this Tuesday.
Today the greenback fell to $875 in his first opening moves, with chances of climb at any time before the local contingency -Chile on Sunday will live a historic day during the Plebiscite output- and international factors, especially due to the echo generated by the Fed’s warning about “how painful” it will be to contain inflation.
Renato Campos, chief analyst at Admiral Markets, added that the dollar-peso cross is also being favored by the general performance shown by copper in recent days -despite the fact that today it is trading lower- and the intervention who made the Banco Centralwhich continues to bear fruit.
For the local market, the advantage that the “rejection” option showed in the latest surveys “could make the exchange rate have momentary dips ahead of the exit plebiscite”.
“Undoubtedly, Sunday will be decisive for the exchange rate, where it is expected to unleash great volatility. Technically, the exchange rate continues its uptrend, but we could see declines around $870″said Juan Ortiz Godoy, senior market analyst at XTB Latam.
The IPSA, for its part, has registered a week of growth, accumulating 3.6%, and for the day it is already 1.01%. This is because confidence in the local market is growing – hand in hand with what the latest surveys indicated – as a balm to the climate of uncertainty.
“However, JP Morgan warns that Whichever option wins the Plebiscite, the uncertainty will continue and it will be transferred to potential growth and capital expenditures,” Libertex senior analyst Ángel Rubilar was quoted as saying.