Dollar seeks to position itself at $ 740 after the Central Bank announced currency purchases | Economy

Yesterday wednesday dollar jumped nearly $ 40 to $ 740, locally influenced by the announcement of the central bank to initiate a gradual program of replenishment and expansion of international reserves to strengthen the country’s international liquidity position.

The above considers, starting from next week, the purchase of foreign currency for US $ 12,000 million.

And this Thursday the greenback reopened at $ 740 without falling below $ 737 in its opening movements.

Ricardo Bustamante, Head of Trading Studies at Capitaria, commented that indeed the new measures adopted by the Central Bank imply a higher demand for dollars over several months, “Which has generated a strong boost in its price against the Chilean peso.”

In any case, he added, if the momentum continues, “it should not be beyond $ 750- $ 760, since we should see downward pressure again from external fundamentals, especially if copper recovers lost ground in recent days, while we could be seeing an overreaction to the announcement of the local monetary entity “.

From Libertex, the senior trader Carlos Quezada complemented that possible new stimuli in the United States are encouraging investment in stocks and weakening the dollar that acts as a refuge, “Added to the rise in copper by exports better than expected in China.”

Chinese exports grew more than expected in December, as COVID-19 supply disruptions around the world boosted demand for Chinese products. Due to this, copper rises 0.6%, trading in the 3.63 usd / pound.

Quezada said that the currency could seek lows soon in the $735.

“If we break this area, we project new falls to $718-$721″, he pointed out.

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