Dólar retoma las alzas y vuelve a acercarse al récord ante renovadas preocupaciones por una eventual recesión en Estados Unidos

The price of the dollar resumed its upward trend on Thursday as the first reaction to higher interest rates in the United States, in line with expectations, gives way to worries about a possible recession in the world’s largest economyin a context of general decline in international stock markets and a sharp fall in the value of copper.

The US currency rose $9 to $866.86 from $857.78 in the previous session, posting its highest value since Tuesday, when it closed at $869.50.

Thus, it was also less than $10 of the historic high of $876 recorded on December 20 of last year.

During the day, the exchange rate fluctuated between a low of $863.82 and a high of $874.60.

optimism fades

“The dollar rebounded strongly today, after an interesting downward correction recorded yesterday, after remarks by the chairman of the Federal Reserve of the United States that prompted some one-time optimism that boosted assets considered more risky, such as commodities linked to the economic cycle and emerging currencies “said Ricardo Bustamante, Head of Business Studies at Capitaria.

In any case, he added “this optimism is quickly fading as economic projections in the United States continue to point to higher inflation and slower economic growth, while rate hikes would remain aggressive. at future Fed meetings.

While Bci Estudios pointed out in a report that “At first, global markets reacted positively to the Fed’s message, anticipating sustained but gradual moves in interest rates, but today there are significant declines in equity markets and commodity prices. commodities, given the risk of a marked slowdown in the global economy”.

Also earlier, the Swiss National Bank surprised markets with a 50 basis point hike in interest rates, the first rate hike since 2007, in a scenario where the market expected no change. Hungary also raised its rates unexpectedly and the Bank of England raised them by 25 points. to 1.25%, marking its fifth consecutive increase.

In Latin America, meanwhile, Argentina’s central bank raised its benchmark interest rate for the sixth time on Thursday to 52% as part of the government’s efforts to calm inflation expectations.

The dollar indexwhich measures the behavior of the currency against a basket of six liquid currencies, including the euro, fell 1.34% to 103.53 points.

The rise in the local exchange rate was supported by the fall in copper, the country’s main export, which started to decline again.

In this regard, Esteban Zendrini, market analyst at XTB Latam, said that “the price of copper is accompanied by falls during the day, due to a possible recession and pushed by the tightening of monetary policies around the world. , in addition to a threatened demand for metals and consumer goods due to the appearance of the coronavirus in China again, which has caused the red metal to decline, directly impacting the exchange rate at the local level”.

Spot prices closed 1.64% at $4.13 a pound, marking their lowest level since May 13, and three-month futures fell 1.37% to $4.11 a pound. delivers to the London Metal Exchange.

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