The dollar in Chile has fallen more than $13 and moves around $903 in the local exchange market, on a day marked by the publication of the Monthly Economic Activity Indicator (Imacec), which showed a progress less than what the market anticipated.
“The peso dollar begins its first downward operations, driven by the rebound in copper, after a week of constant declines”, highlighted Rodrigo Castillo, general director of BeFX. The expert added: “At the same time, we see that the Imacec, although it was below the analysts’ expectations and the increase was 3.5% versus the expected 4% and we see that “The local currency reacts positively to this data.”
See more: Unemployment in Chile continues to moderate and falls to 8.5%, but informality increases
Finally, Rodrigo Castillo stated: “It is important to mention that the foreign position is once again positioned above US$2.5 billion, leaving behind the 1.9 billion that we saw during one day.”
For its part, Juan Ortizmarket strategist XTB Latam, added an interpretation to the fall of the dollar in Chile: “The exchange rate points to a downward session, mainly influenced by the Caixin manufacturing PMI data in China, which once again exceeds previous figures for the eighth consecutive month and positions itself above the level of 50 points, level that suggests an economic expansion in the Asian giant.”
See more: Chile’s economy contracts for the second consecutive month
May closed lower
During May, the US currency fell 4.38% in the Chilean exchange market, ending the month at $918.25, below the $960.33 it cost at the end of April. In this way, the pressure on the national currency was somewhat eased, which in some parts of the year became the hardest hit among the main emerging currencies.
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