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The price of copper also helps strengthen the Chilean peso.
The elections in the United States started and with it the Chilean peso seizes the moment. The North American currency started the day falling sharply in the local market with and it is trading at $ 757.62, falling more than $ 10 from yesterday’s close.
With this number, the exchange rate reaches minimum values since January 2.
The Chilean peso follows the path of the Mexican peso and the Brazilian real, which also appreciate against the dollar. The Admiral Markets analyst, Benjamín Saavedra, details that the dollar index, “loses ground, yielding the 94-point area, falling 0.52%, in line with the presidential polls, where various analysts they anticipate a depreciation of the greenback if Democrat Joe Biden wins. “
Along these lines, the XTB Latam Market analyst, Francisco Román, states that “if the polls are correct and Biden wins by a landslide, with Democrats securing both houses of Congress, it would bolster prospects for rapid and large-scale fiscal stimulus. “
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Copper is also helping to strengthen the Chilean peso. According to data from Bloomberg, three-month red metal contracts are up 0.47%, reaching US $ 3.09 a pound.
And it is that in the market they indicate that if the Democrats win, commodities would be one of the big winners of the day, since the tensions with China could lower their decibels if Biden reaches the White House, helping to a better tariff climate between both empower and strengthen the global economy.
However, there are also local factors that are making the dollar fall. Saavedra explains that yesterday “a new recommendation arose to change the pension fund opting for the most conservative, which it forces the AFPs to liquidate positions in papers abroad, generating downward pressure on the exchange rate. ”
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