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Analysts mention that the market will be attentive in the coming days to what happens in the United States regarding its presidential elections, the advance of the pandemic and the eventual agreement for a fiscal stimulus.
The results of the constitutional plebiscite were outside of any margin expected by market analysts. The resounding triumph obtained by the “Approve” option reverberated in Chilean assets at first, and proof of this is that dollar trading before market hours echoed this with a jump of almost $ 7.
However, After a session marked by the high volatility of the currency, the dollar finally closed lower. Although at the beginning the exchange rate started rising and reached $ 780, the US currency ended at $ 775.7, falling $ 1.2 compared to Friday’s close.
It should be remembered that analysts, They expected today a rise in the exchange rate.
The XTB Latam Market analyst, Sebastián Espinosa, explains that the slight fall in the dollar is due in part to the fact that “the IMF already commented last week that it expected this process to consolidate the country’s economic growth, providing greater security and social protection to the citizens. This, plus the cut in copper losses, have led the exchange rate to trade close to the close of Friday. ”
Espinosa mentions that “The market will now pay attention to the news regarding the stimulus agreement in the United States and also to the negotiation and legislation of a second partial withdrawal of pension funds in our country. This week we will also know the GDP data for the third quarter in the United States, which undoubtedly is also keeping the market with expectations in the days before the elections. “
The market also indicates that in recent days they have been marked by the movements of the AFPs. This would be because the fund managers remove their investments while waiting for what happens with the project of a second withdrawal of funds.
The copper factor and the international scene
Copper did not have a good day on the London Metal Exchange. Cochilco reported that the country’s main export product fell 1.07% compared to the end of Friday, leaving copper at US $ 3.087 per pound. It should be remembered that last week the red metal reached its highest value in more than two years.
men the market they explain that investors are taking the gains after the commodity rally.
Looking ahead to the week, market agents await signals from China – the largest copper consumer – as the discussion of its next five-year economic plan is in full swing.
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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