The red metal, Chile’s main export, reached $4.62 per pound.

On Monday’s opening, the dollar experienced a sharp decline amid a fresh rise in copper prices and expectations of a Federal Reserve rate cut in September following the employment data released on Friday.

In early trading, the dollar dropped by $7.63 to $931.71, according to Bloomberg quotes. Internationally, the dollar index, which compares the US currency against a basket of world currencies, fell by 0.11%.

Part of the retreat could be attributed to another surge in copper prices. Specifically, Comex copper futures contracts rose by 1.48% to $4.62 per pound. The exchange rate has been pressured downward, even reaching $930, due to the strong increase in copper prices in April.

However, the dollar is also declining thanks to the US labor market data released last Friday, which provided further relief to the market. The US employment report, along with “sticky” inflation, has led to a recalibration in expectations for a Fed rate cut, with Chicago Board of Trade futures showing a 70% probability of a cut in September.

This is why the market’s attention will be focused on the words of the presidents of the New York Fed and Richmond Fed, John Williams and Thomas Barkin, at 1:00 PM today. Both are members of the Monetary Policy Committee of the central bank.