“The Latest Exchange Rate Updates: Impact of US Debt Ceiling and Copper Prices on the Market”

2023-05-26 13:17:09

The exchange rate opened this Friday showing slight downward pressure in its first movements: yesterday it averaged $809 and today it showed lows at $804.

The foregoing is affected by the struggles between the United States government and the Republican congressmen: they insist that the administration of Joe Biden reduce government spending and increase your debt ceiling.

But the White House reiterated that a suspension of payments “is not on the table.”

The talks between both parties have advanced. And preliminary they have analyzed that the country would raise the public debt ceiling for two years, while limiting spending in most items.

“The American market is waiting for said agreement since a default could rock world markets and push the US into recession.”commented Giovanny Pino, market analyst at XTB Latam.

He copperfor its part, is rising 1.79% so far today’s session in the market, trading in the US$3,68 la libra.

“This recovery is taking place after the red metal fell 4% last Wednesday, hitting new 6-month lows as a result of disappointing economic data from the world’s largest consumer, China,” Pino said.

For everything, according to the XTB Latam analyst, if copper continues to extend increases, the exchange rate could fall to the area of ​​$805 and $798.

“On the contrary, if we see falls in the commodity, the greenback could reach the resistance of $808 and $816 at the end of today”, he projected.

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