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The movement occurred despite the fact that in the markets there is greater optimism after Trump showed new signs of recovery.
The plebiscite is approaching to define whether a new Constitution will be made, so the exchange market in Chile begins to show with greater magnitude the anxieties that the market has to know what will come next.
Completely decoupling from emerging currencies and major benchmarks in the region, The Chilean peso depreciated sharply on the day, ending the session with the title of the worst performing currency in the world on the day.
In this way, and according to figures from Bloomberg, the exchange rate reached $ 797.90, which means a rise of $ 8.39 versus Friday’s session and being one step away from the $ 800 barrier.
Libertex senior analyst Carlos Quezada argues that the level of the dollar is justified by the uncertainty associated with the October 25 plebiscite.
“This increase is due to the depreciation of the peso against the US currency, as we approach the plebiscite for a new Constitution, in addition to the return with greater force of social demonstrations, which produces uncertainty at the local level. The resistance zone is between $ 800 – $ 803. If we break this level we could see further increases during the week to $ 810 – $ 813. Otherwise, return to the previous support at $ 790 “, says the specialist.
The movement of the Chilean peso occurred despite the fact that in global markets there is greater optimism after Donald Trump showed signs of recovery after catching the coronavirus. In fact, I could go back to the White House today after being hospitalized.
In the same way, investors are still optimistic about a possible agreement between Democrats and Republicans in the US, regarding a new fiscal support package to face Covid-19, which would give a little fresh air to the economy of that country.
Copper, meanwhile, stood at US $ 2,951 a pound on the London Metal Exchange, which means an advance of 1.53%, according to data from Cochilco.
For his part, the XTB Latam Market analyst, Sebastián Espinoza, indicated that “we must wait for what happens with regard to progress in a potential agreement in the United States, which would lead to falls in the Dollar index. On the other hand, the little activity in China this week due to the holidays, will keep us attentive to the movements of copper. At the moment, we still have a floor at $ 780 and a ceiling at $ 800 for the exchange rate. ”
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