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The US currency stands at US $ 764.14, which means a rise of $ 7.9 compared to yesterday’s session.
The The dollar started its operations with a rise against the Chilean peso, after yesterday a new fund change recommendation was made by a pension advisory company.
“As there are thousands of people who react with these recommendations, the effect on the market is a greater acquisition of dollarized assets, which generates an excess demand for the greenback, supporting its greater advance “, comments Capitaria’s Head of Trading Studies, Ricardo Busdamente.
This is how the dollar stands at US $ 764.14 this Friday, which means a rise of $ 7.9 compared to yesterday’s session, according to Bloomberg figures.
Precisely, the The Central Bank published on Wednesday the Financial Stability Report (IEF) for the second semester, in which the agency warned of the effects of the recommendations.
“This has caused an occasionally pro-cyclical behavior of the Pension Funds, which they exacerbate market movements with no obvious benefit to affiliates. In this way, the ability of the Pension Funds to cushion the effects of external shocks is weakened, as happened until a few years ago, “the IEF indicated.
The markets also react to the eventual favorable vote for a second withdrawal of 10% of the AFP funds.
While, copper reached US $ 3,142 on the London Metal Exchange, after rising 0.32%, according to Cochilco figures.
“We have had and probably will continue to have volatile days for the dollar in our country, with a short-term bullish outlook, but with several arguments that would slow down further momentum,” says Bustamante.
Meanwhile, the head of analysis of XTB Latam, José Raúl Godoy, indicates that “considering this scenario, we expect short-term falls in the exchange rate towards weekly lows, located around $ 755”.
On the other hand, this Thursday the president of the Fed, Jerome Powell, appeared, who indicated that the body will continue to support the market. Also, Powell celebrated a possible vaccine but was cautious about it.
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