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The dollar opened lower after Treasury intervention and copper recovery

The dollar opened lower after Treasury intervention and copper recovery

Another factor explaining the decline is the Central Bank's contribution to the RMB Liquidity Settlement for Central Banks.  AGENCY ONE / COMAD
Another factor explaining the decline is the Central Bank’s contribution to the RMB Liquidity Settlement for Central Banks. AGENCY ONE / COMAD

by: Dynamo Team

The dollar paused this Tuesday and opened its lower operations, considering the first effects announced by the Ministry of Finance, which will auction up to US $ 5 billion, with a daily maximum of US $ 200 million , to restrict the exchange rate. volatility.

As Diario Financiero reported, at the opening the US currency fell to $ 902.99, down $ 18.08 from Friday ‘s close, starting again at a slight rise of $ 904 as the minutes went by.

At the end of last week, the currency had a historic rise to a record $ 920, a situation marked by uncertainty about a possible global recession and the effects of closed areas in China due to the new outbreak of COVID -19, whether it had a direct impact on the price of copper.

On the red metal was also positive news to this day, it already had a small increase of 0.88% in its operations on the London Metal Exchange, reaching US $ 3.789 per pound (US $ 8,353 per tonne).

Another announcement was made with Government intervention and the copper rise that would affect the fall of the dollar. This is the Central Bank donation for Central Bank Liquidity Settlement RMB to the Bank for International Settlements (BIS), which will allow the issuing institution of Chile to access complementary liquidity, in US dollars and Chinese renminbi .

The Exchequer acknowledged that there was “little that could be done” in exchange rate policy, as many of its effects were linked to external factors.

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