Chile: The dollar opens lower to levels around $900 amidst a recovery in copper prices.

Meanwhile, the Chilean stock market continues to advance to record highs on the last Monday of May,

Ignacio Teson•Monday, May 27, 2024•1 min read

Transactions are expected to be lower during the session due to the U.S. Memorial Day holiday.

The dollar opened lower on Monday, settling around the $900 mark, due to a recovery in copper prices. This session is expected to see reduced transactions because of the Memorial Day holiday in the United States.

In early trading, the dollar was at $900.40, down $5.26 from Friday’s close, according to Bloomberg quotes. Copper futures on the Comex market advanced 1.1% to $4.8 per pound, while the Dollar Index remained flat.

On the international markets, holidays in the United States and the United Kingdom on Monday led to sparse trading, as investors awaited Friday’s personal consumption expenditures (PCE) data, the Federal Reserve’s preferred measure of inflation.

Normal trading will resume tomorrow, with several statements from FOMC members and the consumer confidence index, which the market will closely watch. A higher-than-expected reading could support the case against interest rate cuts this year by the Fed, potentially keeping the dollar from further declines.

Meanwhile, the Chilean stock market continues to advance to record highs on the last Monday of May, with Compañía Sudamericana de Vapores (CSAV) once again playing a prominent role.

The S&P IPSA index was up 0.63% at 6,818.30 points at midday on the Santiago Stock Exchange, after closing at record levels on Friday. Twenty of the 29 IPSA stocks were trading in positive territory.

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ABOUT THE AUTHOR See More

Ignacio Teson

Economist and Financial Analyst

Ignacio Teson is an Economist and Financial Analyst. He has more than 7 years of experience in emerging markets. He worked as an analyst and market operator at brokerage firms in Argentina and Spain.