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The further decline in the price of copper, combined with the strength of the dollar on the international markets, has advanced the day of the Chilean peso. Despite this, the exchange rate ignored both factors and once again distinguished among the largest increases in the emerging markets basket.
The dollar against the local peso closed yesterday with a contraction of $ 5 which brought it to trade $ 647, 1 Against all odds, parity returned to its lowest value in two weeks and accumulates a decrease of $ 9.8 during the last two sessions.
During the day, the influx of capital into the region was observed – mainly from companies – which strengthened the Chilean peso and the remaining currencies, says broker Enlace Int, the derivatives badyst , Hernán Díaz.
In fact, the major currencies of Latin America led the gains in emerging currencies. The Argentine peso is ranked first, with an advance of 2.10%, followed by the real with 1.52% and the Mexican peso with 1.37%. Behind the Russian ruble, fifth place was used by the Chilean peso with an increase of 0.79% against the dollar.
To this is added calm in the trade tensions between China and the United States. The market has taken into account the implementation of tariffs between China and the United States. In fact, over the last two days, there has been an increase in interest for risky badets, after which the stock markets and currencies have regained some ground. In this sense, from BBVA, the executive director for Latin America, Cristian Mucherl, comments that the dollar has moderated its strengthening due to overall risk appetite, "and on the sidelines, an improvement in trade tensions ", that this allows the advancement of emerging currencies. The dollar index – an indicator that measures the performance of the North American currency against a basket of six world currencies – managed to close its second day of gains with a shy advance of 0.07%.
Autumn
Although global indicators show a recovery in interest for riskier badets, the situation is different for copper.
On Monday, the red metal managed to stop the 10 consecutive days of losses which, in turn, kept the exchange rate under pressure. However, the recovery did not extend. The red metal recorded a contraction of 1.1% on Tuesday, which brought it back to US $ 2.86. Usually, the correlation of copper with the dollar / peso is negative. In other words, when the price of the product falls, the exchange rate rises due to a lower income of the US currency in the local economy, says César Valencia, an badyst at Alpari Research. This relationship is sometimes decoupled, which explains the result of the Chilean peso in the session yesterday, adds Valencia. Regarding his new fall, Ricardo
Bustamante, investment badyst at Capitaria, adds that, despite the calm of the market on tariff disputes, copper remains resentful because of an increase in the tone between the two Powers, Bloomberg announced that Trump was preparing to release an additional list of Chinese products for 200,000 million US dollars to which the rates would apply. ]! function (f, b, e, v, n, t, s)
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