The price of the dollar rose slightly this Monday pressured by copper that internalizes the most recent signs of economic slowdown in both China and the United States, while market agents prepare to learn of signals that could be relevant to anticipate the monetary policy of the Federal Reserve.
The local parity rose $1.47 to $872.8 at the close of the session in Chile, but after having fallen to $868 mid-morning and from there having jumped to $876 for an instant. The dollar fell $17.47 last week, and closed on Friday very close to its lows since September.
Today in international markets, Comex copper fell 0.74% to US$ 3.8 per pound taking note of the industrial profits data that was known this weekend in China: they have accumulated a drop of 7.8% so far this year. The dollar index did not show relevant changes.
Additionally, at noon this Monday it was learned in the US that new home sales fell more than expected in October, while the latest Dallas Fed manufacturing index unexpectedly fell to a four-month low. Market rates eased after a series of multi-billion dollar US Treasury bond auctions. Investors are waiting for the comments from members of the Fed, the second reading of the GDP for the third quarter, and the personal consumption indices that will be known later this week in the northern country.
“The recent minutes of the Federal Open Market Committee condition the markets given the neutrality that seems to be confirmed regarding the Fed’s monetary policy in the US,” wrote Hantec Markets senior market analyst Renato Campos.
“However, the signs of greater dynamism that may or may not be confirmed this week, after knowing a preliminary growth of 4.9% during the third quarter in the US, leave the door open for the governing body to continue considering greater restrictions on the measure that the economy requires it,” he anticipated.