The currency experienced high volatility for much of the day and ended without major changes compared to yesterday’s close, pending macroeconomic data in the United States and Chile.
The exchange rate experienced significant volatility this Thursday. Although the dollar began the day higher and then a decline, finally the greenback ended $ 837.12, showing a decline of just $ 0.45 compared to yesterday’s close.
The few changes that the dollar experienced were in line with the US currency at a global level, which also perceived volatility after the US Federal Reserve released yesterday the minutes of its last monetary policy meeting where it announced that a Rate hike could be earlier or at a faster rate than originally anticipated.
On the other hand, copper is not helping the Chilean peso much. The country’s main export product, which generates the largest inflow of foreign currency to the economy, fell 2.18% on the London Metal Exchange, reaching US $ 4.339 per pound. The three-month contracts for the mineral also contracted 1.27%, reaching US $ 4.35 a pound.
Capitaria’s head of trading studies, Ricardo Busdamente, commented that the market’s focus “will be on the labor market data that will be released on Friday, while inflation in our country will also be revealed, two figures that may generate greater movements. in the exchange rate “.
Libertex analyst Ángel Rubilar pointed out that “our currency has not depreciated at the beginning of the year ahead of the INE report on inflation that we will know tomorrow with the end of 2021. Let us remember that we are almost there by 7% and that this data will be key to knowing the next rate hike to be announced by the Central Bank by the end of the month. ”
The XTB Latam market strategist, Sebastián Espinosa, mentioned that also “the market seems to calm down after the election of the new president-elect, a moderation that increases after the statements of Ricardo Ffrench Davis, one of Gabriel Boric’s economic advisers, who speaks with caution regarding the modifications that must be made in the pension system “.
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