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The dollar took a step above $920 this Mondayas caution prevailed ahead of the week’s key US macroeconomic releases: consumer prices May and the Federal Reserve’s monetary policy announcement.
The currency rose $2.03 to $921.5 in Bloomberg quotes, after reaching an intraday high of $927 during the morning, following the sharp rise recorded on Friday.
Today the dollar index It advanced 0.24% to 105.14 points and US rates rose in the longer sections. In general, emerging currencies depreciated against the dollar, and the Chilean peso weakened beyond Comex copper rose 1.5% to US$4.55 a pound.
What’s coming
“Today there was volatility derived from the elections in Europe, with an appreciation of the dollar internationally. That continued to put pressure on the exchange rate here in Chile, despite the fact that copper rose in a general rise in prices. commodities“, said to D.F. ICapital Investments senior economist Cynthia Kirby.
He recalled that on Friday the US labor report gave a surprising show of strength, and that all this occurs prior to the key events this Wednesday in the US: the May CPI and the Fed’s policy statement. The latter is also from the end of the quarter: It will be accompanied by an update of official economic forecasts.
“After Friday’s employment figures, the market already expects only one rate cut this year and only in December, a far cry from the seven at the beginning of the year and the Fed’s own three. The fact that the models themselves of the Fed getting it wrong again will probably make it more cautious and delay the easing cycle,” wrote Peter Garnry, head of Saxo Strats at Saxo Bank.
