Dollar drops below $950 today in Chile, Thursday, April 25

The dollar fell below the $950 mark this Thursdaymainly due to a new strong advance in copper, after BHP confirmed that it had submitted an offer to take over Anglo American, relegating the pressures of the Gross Domestic Product (GDP) in the United States to the background.

At the beginning of the afternoon, the local parity fell $4.61 to $947.07 on the Bloomberg record. Meanwhile, Comex copper rose 1.13% to US$ 4.54 per pound, a maximum since the beginning of June 2022making the Chilean peso the only Latin American currency strengthening against the dollar.

“Copper is trading near the maximum of the cycle, since the possibility of a mega-deal between BHP and Anglo American highlights the importance and expectations of the metalgiven its key role in the ecological transition and the increase in demand through the implementation of Artificial Intelligence (AI),” wrote the head of strategy of commodities at SaxoBank, Ole Hansen.

IPSA continues to fall and is approaching 6,300 points in line with the strong losses on Wall Street

US GDP

On the other hand, The main market rates in the US rose up to 7 basis points (bp) and were trading at their highest levels since November, after the first reading of GDP for the first quarter in that country was released today.whose main index slowed more than expected.

However, “the reading is somewhat mixed, since it shows a certain acceleration in consumption, a factor more linked to inflation, which “could be a deterrent factor for the Fed in terms of evaluating an interest rate cut in the short term”commented head of Investment Strategy at Principal, Jorge Herrera.

In any case, expectations of a future slowdown were beginning to emerge, and he dollar index -which compares the dollar with a basket of six other global currencies- fell 0.28% to 105.56 pointsjust showing this somewhat more pronounced drop from 12:30 p.m.