The exchange rate had a bearish day, dropping more than $15 and averaging $956.41 after 1:30pm.
The above was due to a slight rise in copper, a fall in dollar prices at the international level, and Chilean data from the Monthly Index of Economic Activity (Imacec) for August, the same month last year.
It was the weakest performance since the beginning of last year (February), but “slightly better” than expected (a 1% contraction had been expected).
Francisco Román, Senior Market Analyst at XTB Latam, agreed that Imacec was “better than expected”, boosting strength in local currencies and lowering exchange rates.
Meanwhile, the international dollar started October in the red, depreciating more than 0.50% during the day.
Experts said this was influenced by the strength shown by the pound after Britain’s new leader, Liz Truss, turned down her tax cut plans.
Copper prices were stable with little volatility thanks to the fact that China was on vacation.
A senior market analyst at XTB Latam indicated that the exchange rate could continue to depreciate if the international dollar continues to weaken and copper prices remain stable.
“However, with the international dollar reaching its highest level in 20 years, we must consider China to be on holiday this week,” he said.