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The Chilean peso joins the emerging currencies that are coupled with the good mood shown by the markets after the US elections.
For the moment, the Chilean peso is emerging victorious in the presidential elections of the United States to the extent thatThe markets look at the glass half full of this narrow Biden lead and they anticipate that corporate taxes will not increase with a divided Congress.
With the bulk of emerging currencies taking flight against the dollar, the exchange rate closed falling, reaching the $ 756.14, falling $ 1.64 from yesterday’s close.
The head of Trading Studies at Capitaria, Ricardo Bustamante, explains that the price of the dollar is pressured “by a fall in the greenback worldwide, by expectations of a victory for Joe Biden in the United States elections, which would support a greater fiscal stimulus that would continue to flood the North American currency. “
According to Reuters data, the dollar index, which compares the greenback to a basket of six prominent currencies, was trading close to a one-week low.
Along these lines, the Admiral Markets analyst, Benjamin Saavedra, maintains that the dollar index, “assumes the triumph of Joe Biden that would bring an increase in stimuli for the economy and consequently a greater supply of the greenback in the market, extending its depreciation “.
The XTB Latam Market analyst, Sebastián Espinosa, points out that “apparently the market would be taking as something positive a scenario of a Republican Senate and a Democratic president, since it would give space to fiscal and monetary stimuli in the short term and would remove ground to increase the tax burden. “
In regards to copper, The country’s main export product, Cochilco reported that the red metal closed on the London Metal Exchange with a rise of 0.74%, reaching US $ 3.08 a pound.
With these figures, Saavedra comments that there are three factors that allow copper to maintain its good moment, which are “a decrease in inventories in the main commodities markets, good expectations from China and the risk of strikes in national deposits that may reduce the supply of the red metal. “
On this last point, in Admiral Markets they point out that “although Candelaria has been on strike since mid-October, this operation, associated with the Lundin group, takes about 2% of the production at the national level, generating a smaller decrease in global supply. . The greatest risk is in the bulky collective bargaining agenda for the last two months of the year, where those of El Teniente and Collahuasi stand out. “
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