Monday , August 2 2021

Apple shakes the foreign exchange market, and the dollar in Chile is over 700 dollars for the first time in three years

The dollar continued its bullish scrap and reached the highest value in nearly three years in the first operations on Thursday. The depreciation of the Chilean peso occurs in conditions of greater tension among investors due to poor economic performance of China.

At the opening of the interbank market, the dollar was quoted at $ 700.5, an increase of $ 2.9 compared to the previous closure, in addition to its goal to reach the highest level since February 19, 2016.

The behavior of the local exchange rate responds to an increase in fears of slowing down the Chinese economy, the world's largest consumer of metals.

This feeling of insecurity has intensified after warning of the benefits that Apple made at the end of yesterday's operations.

Apple is hitting the world's fragile markets with strength and semiconductor collapse

"While we are expecting some challenges in key emerging markets, we were not able to see the size of the economic slowdown, especially in China," said Apple CEO Tim Cook.

The downsizing of the company's sales forecast, as well as the fear of slowdown in China and the world, heightened doubts about the aftermath of the commercial war between the Asian giant and the United States.

Copper suffers

With this scenario of greater uncertainty about China's economic performance, the doubt about the demand for red metals by the Asian giant has increased.

In that sense, the news has caused a negative effect on copper prices – a great reference to the Chilean peso. Red metal deals are down 0.86% and are at $ 2.60 for the London Metal Exchange in what will be their second consecutive day of losses.

"China's economic slowdown worries investors more and more, and this feeling is reflected in Apple's latest corporate delivery, which was below what was expected on the market," explains Alpari analyst Cezar Valencia.

Flash crash

The Apple warning caused a violent and very unstable fall – known as a "flash accident" – on the currency market, forcing investors to seek active shelters, such as the yen.

In this way, the Japanese currency appreciated 1.15%, while the dollar index that measures the performance of the North American currency against a basket of six world currencies – is reduced by 0.14%.

As for the behavior of the basket of the phenomenon, only four currencies of the group are valued against the dollar, which highlights the Russian ruble and the Indonesian rupee with an increase of 1% and 033%.

In the opposite lane, Turkish lira and South Korean winner led the list of the highest victims with -1.39% and 0.77%, respectively. At the local level, the Chilean peso ranked fourth with a depreciation of 0.33%.

According to this scenario, analyst Latam from XTB, Daniel Merigny, predicts that the local exchange rate "should keep your prospects in search of a psychological resistance of 700 pesos per dollar."

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