Chile: The dollar trades flatas copper, country’s main export, resumes its climb to around $4.3 per pound

The exchange rate has experienced a degree of volatility during the session, amid caution ahead of the inflation figures set to be released this Wednesday in the US.

The dollar stabilized in Tuesday’s session, with copper struggling to extend its streak of gains to new nearly two-year highs, amid profit-taking by traders. All this while investors remain attentive to the upcoming inflation report from the United States set to be released tomorrow, Wednesday.

In Chile, the dollar traded flat at $942.95 according to market quotations, after falling early to a low of $937 and then completely erasing its decline from there. A drop below the $940 mark would take it to lows since February 1.

The fluctuations of the day were in line with the performance of the dollar index, now flat at 104.11 points, and the price of copper, which was now up 0.27% at $4.29 per pound. The metal’s rise moderated today in a profit-taking move after climbing to a peak of $4.33 per pound on the Comex commodity exchange, new highs since mid-2022.

This Wednesday, the US CPI for March will be published. The consensus estimate in Bloomberg points to a reacceleration of the main series, but a slight slowdown in the series excluding food and energy, more volatile components. The minutes of the last Federal Reserve meeting will also be released.

Traders remain on the sidelines, and few are willing to take large positions ahead of the significant figures to be published tomorrow. This could provide more clues about the Fed’s ability to cut rates in 2024.

ABOUT THE AUTHOR See More

Gabriel Micillo

Gabriel is a certified public accountant graduated from UNNE (National University of the Northeast, Argentina) and a software developer, currently pursuing a Master's degree in Finance and Economics. With nearly 8 years of experience working for accounting firms and brokerage firms. Concurrently, he has produced economic and financial reports on the current state of regional economies for the clients of the establishments where he has worked. Additionally, he assisted colleagues like Ignacio Teson in the drafting and editing of articles on similar topics in English language.

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