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The US currency ended the day at US $ 767.24, up $ 11.1.
The The dollar closed its operations this Friday with a strong rise against the Chilean peso, despite a rise in the price of copper, the country’s main export product. The above, after yesterday a new recommendation to change the pension fund 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.
That is how The US currency ended the day at US $ 767.24, which means an increase of $ 11.1 compared to yesterday’s session, according to figures from Bloomberg.
Meanwhile, copper reached US $ 3,142 on the London Metal Exchange, after rising 0.32%, according to Cochilco 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.
“Despite the downward pressures at the international level, the dollar rises today reacting to a new recommendation to change funds by a pension advisor, something to which the market seems to be too attentive and that ends up influencing more than it should. The recommendation was to switch to the riskier fund, understanding the situation at the international level with stock markets that accumulate more than 1% increases this week “, says the analyst of Markets of XTB Latam, Sebastián Espinoza.
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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