The dollar has reached a new annual high and the Chilean peso is the weakest currency

The negative copper series again dictated the movements of the exchange rate on the local market. At the close of trading on the interbank market, the dollar recorded a sharp increase of $ 4.3 from yesterday's close, up to $ 656.8, a new maximum up to $ 656.8. now in 2018.

This closing It leaves the Chilean peso as the currency that has deteriorated the most today compared to the dollar. According to Bloomberg figures, the national currency is at the top of the list among the largest currencies in the world

The price was again in the context of the deterioration of the price of copper. The country's main export product has fallen nearly 1% today on the London Metal Exchange, on the brink of losing $ 2.9, a barrier that has not crossed since. the month of August of last year.

The national currency has ignored a weakening of the currency on a global scale, linked to a withdrawal of concerns over the US-China trade war.

The Dollar Index – which measures fluctuations in the reference currency against a basket of six world currencies – operated with a drop of 0.13%, aiming to record its third consecutive decline.

associated with the temperature decline around the trade war that has the United States, China and Europe as the main protagonists and has been accentuated by data on the US labor market.

"The tension associated with US protectionist measures persists, although a little more moderate during the day," said Bci in a report.

It should be remembered that US tariffs on China will come into effect for 34 billion US dollars tomorrow and that reprisals of the same magnitude are expected from Beijing.

Copper

The warning for the Chilean peso is copper, which is now experiencing its ninth consecutive decline in the London Metal Exchange, which is its worst sequence since November 2015.

The pound fell by nearly 1% and continues to fall below the psychological barrier of US $ 3. The red metal futures in September and December fell by 2.13% at the local close, according to the figures. from Bloomberg, amounting to US $ 2,8550 and US $ 2,88765 per pound, respectively.

They produce amidst the strong growth of the Chilean economy, according to May Imacec. The figure that would boost expectations around the beginning of a rate hike cycle in Chile even this year.

"At the local level, May Imacec data were released today exceeding expectations and consolidating 4.9%, given these variables, the exchange rate should retain nuances of indecision , not to exceed $ 655, I should maintain a bearish outlook, "said Daniel Meriño, market analyst at XTB Latam.