The dollar closed with minimal variations a somewhat volatile day. Of course, because the low it showed this morning vanished in the final part of the session and said goodbye with a minimal advance of 0.02%.
At the end of operations in the interbank market, the US currency was quoted at a selling point of $778.93.
With this result, the exchange rate accumulates a drop of $97.7 from the all-time high which reached last December 20, when the market reacted to the triumph of Gabriel Boric in the presidential ballot.
The Chilean peso is the fourth currency in the world that appreciates the most against the currency so far in 2022, according to Bloomberg records.
The price also had as a reference the erratic behavior of the price of copper. The red metal fell this morning in reaction to China’s decision to lock down half of the city of Shanghaiaffecting the mood of investors regarding the demand for copper by the Asian giant.
This affected a good part of the raw materials and industrial metals, but as the hours went by the price of copper managed to overcome it.
Charge more or charge less, the truth is that the market faces a key week. There is a policy meeting tomorrow central bank and they could raise the rate by up to 200 basis points amid high inflation records. To this is added the IPOM which will be announced on Wednesday and Imacecon Friday.
“If this increase is completed. We could see an appreciation of the peso, and it could go in search of $760, which would be a very important support since the lows of August 2021″, said Rodrigo Castillo, from BeFx.
Investors are also attentive to the new round of meetings that the delegates from Russia and Ukraine will have in Turkey, where the conflict has already been going on for a month.
“Technically, the exchange rate is in a support zone at $778, which, if exceeded downwards, could go to $770. Otherwise, and resulting in a rebound on this floor, the exchange rate could go to values close to $790″, commented Juan Ortiz Godoy, senior market analyst at XTB Latam.
The ghost of a new Withdrawal of funds from the AFP continues to affect the mood of investors. It should be remembered that there are already a total of eight parliamentary initiatives that seek a new flow of money charged to pensions, which is viewed with great concern from the financial world.
“Despite the fact that the Government is trying to align the congressmen of its sector to avoid a new withdrawal of the pension funds, in any case, there is still a group that insists on promoting it, which undoubtedly generates uncertainty, which should push the dollar higher2; said Guillermo Araya, from Renta 4.