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The dollar starts today Thursday with a sharp fall against the Chilean peso in search of new lows in more than a year, and in the middle of a particularly favorable session for the appreciation of the national currency.
The US currency is traded at $ 728.29 in first transactions on the local interbank market, which implies a decline of $ 5.09 in relation to yesterday’s close. This is a level not seen since the end of October 2019.
The decline in the exchange rate is consistent with the international fall in the currency. He dollar index which measures the dollar against a basket of six liquid currencies, including the euro, shows a contraction of 0.69%, below 90 points, a minimum since March 2018.
This global decline is supported by expectations around an early agreement between Democrats and Republicans for the expected stimulus package in the US, which is estimated at almost US $ 1 trillion. Added to this is the optimism generated by the start of the vaccination process against the coronavirus in different parts of the world, including Chile, which has already approved the Pfizer vaccine.
And this, in turn, has an impact on the price of copper, whose futures reach US $ 3.6 per pound. The red metal, it should be noted, is the main support for the Chilean peso.
“Advances in the distribution of the vaccine in Europe and the United States, together with closer negotiations in that country for a new monetary stimulus plan, are boosting the main stock markets in the world. We see new all-time highs for the Dow Jones and the SP500, which continues to weaken the dollar globally, “said Carlos Quezada, senior analyst at Libertex.
But at the local level there are also factors that play in favor of the Chilean peso. Just when the government sent a bill to parliament to restrict transfers between AFP funds, Felices and Forrados made a recommendation to change funds.
“The recommendation of Felices y Forrados to be 70% in fund E generates a strong liquidation of dollarized assets by the AFPs, supporting a greater supply of greenbacks in our country,” said Ricardo Bustamante, head of trading studies at Capitaria .
The Executive submitted to the Chamber of Deputies a project to limit the transfer of funds saved in the AFPs by affiliates, as the Minister of Finance, Ignacio Briones, had advanced to Pulse Domingo.
Specifically, the initiative consists of a single article that empowers the Superintendency of Pensions to establish the “procedures and deadlines for transfers between types of funds and regulate fund transfers”, taking into account certain parameters. These indicate that affiliates must be allowed to make “up to two fund transfers in a calendar year, between any type of fund, or allow only transfers between adjacent funds, (such as going from A to B) every time the affiliate does so. I requested”.
