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Wednesday, December 07, 2022

Dollar opens at $930 and market remains watchful as to what central banks decide with rates

Dollar opens at $930 and market remains watchful as to what central banks decide with rates

The exchange rate is in the region of $940. If the last days trend continues, we can see it falling to $920 as the first target; And if the trend reverses, reach $970 again.

Dollar Again points to a day with downward pressure. In his first movements in the session he fluctuated between $929 and $933, And some estimates don’t rule out a drop to $920.

The market expects the Federal Reserve to reduce the rate of monetary tightening in the United States.

Meanwhile in Australia, the Central Bank surprised by increasing interest rates by 25 basis points, less than expectedAssured that they have already increased substantially, although he added that further tightening would still be necessary in the future.

Francisco Roman, senior market analyst at XTB LATAM, commented that any data that could support a theory that allows the Federal Reserve to be less aggressive in its decisions should be taken into account. This is a boost to equity.

He said the decline in North American economic activity The dollar index declined and the mood seems non-stop.

“All attention this week will be on US non-farm payroll data due Friday that Could provide more clarity on the Fed’s tightening of monetary policy.”he claimed.

copperMeanwhile, red in the form of a weaker dollar is showing gains as a buy signal for the metal.

Regarding the local level, Roman highlighted that Imasec was announced yesterday, with a variation of 0%, “Better than expected and strengthened our local currency against the US currency.”

To all this, the expert pointed out that the exchange rate is in the area of ​​$940, “where the trend of the previous days is maintained, We can see it falling to $920 as the first targetAnd if the trend reverses, reach $970 again.

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