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The dollar at the global level also helps the depreciation of the Chilean peso.
The results of the constitutional plebiscite were outside of any margin expected by market analysts. The resounding victory obtained by the option “Approve” begins to rumble in Chilean assets and dollar operations outside market hours echoed this with a jump of almost $ 7, which was ratified when official transactions began.
Bloomberg data reports that the exchange rate is trading above $ 780, up $ 4 compared to the end of last week.
It should be remembered that analysts, expect a rise in the exchange rate today. The US currency started the session by steepening.
One of the factors that is influencing is the result of the constitutional plebiscite. The Head of Trading Studies at Capitaria, Ricardo Bustamante, explains that “although the constituent process will be long, where only in 2022 the new Magna Carta could be announced, for now we should see a high uncertainty with respect to what is coming in the country, especially in the international view, which can cause new negative updates in the risk classification and capital outflows “.
Bustamante adds that with a scenario “of little clarity in the coming months, it is most likely that Let’s see a more appreciated dollar against the Chilean peso, which could go back to over $ 800 in the next sessions. “
Along these lines, the XTB Latam Market analyst, Francisco Román, recalls that “although the market expected the vote count to be tighter, the extent to which the approval option won may cause some uncertainty among investors, who do not see solid pillars in our country to maintain their investments “.
Coupled to copper and the dollar
The Chilean peso is also depreciating due to a fall in copper. According to information from Bloomberg, three-month copper futures se contracted 0.32%, reaching US $ 3.11 per pound. It should be remembered that last week the red metal reached its highest value in more than two years. ANDn the market they explain that investors are taking the gains after the commodity rally.
Looking ahead to the week, analysts expect signals from China, the largest copper consumer, as the discussion of its next five-year economic plan is in full swing.
The international scene does not help to strengthen the Chilean peso either. Globally, the US currency continues to climb waiting for clearer decisions on the fiscal package in the US and the presidential elections in that country that are just around the corner.
According to information from Reuters, the dollar index, which compares the greenback with a basket of six prominent currencies, was up 0.2% to 92.95 units.
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