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The recommendation of change between AFP multifunds influenced the purchase of dollars in the local market, explaining the rise of the currency according to analysts.
Faced with an external outlook that is quite favorable for the Chilean peso given the new appetite that international investors are having for riskier assets, the Chilean peso lost strength, therefore, the exchange rate moved back towards the $ 760 barrier.
According to information from Bloomberg, andhe value of the dollar in the local market closed at $ 756.13, which represents an increase of $ 2.3 compared to Friday’s close.
Risky assets like emerging currencies rise en bloc against the dollar after Biden’s victory in the US elections. Today, actions are gaining ground given that investors put aside the uncertainty that the elections brought in the world’s leading power, but especially because Pfizer’s announcement that the Covid-19 vaccine had a successful result.
Also, copper it helped the Chilean peso for a moment to stop a greater depreciation, since it rose 1.38% on the London Metal Exchange and stands at US $ 3.19 a pound.
In the market they point to local factors that explain the rise in the dollar. The analyst at Admiral Markets Latam, Benjamín Saavedra, states that “despite the fact that the main catalysts of the exchange rate such as copper, Mexican peso, oil and the American stock market are in positive territory, the pressure from the AFPs buying dollars to comply with the requests of the contributors to switch to more aggressive funds managed to put the price above $ 750 “.
Regarding this last fact, Saavedra says “we are used to the call by a market agent to change the fund, it causes the AFPs to take positions in dollars to acquire assets in foreign currencies.”
The Head of Analysis of XTB Latam, José Raúl Godoy, indicates that “technically we expect the exchange rate to continue rising towards the $ 759 area in the short term, where we believe that it should resume its long-term downward trend.”
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