- USD/CLP loses 0.38% on the day.
- Copper price consolidates at one-week lows.
- The Dollar Index (DXY) falls 1.07% after US economic data.
The USD/CLP reached a daily high at 965.25, attracting aggressive sellers who pushed the pair to a session low of 950.57 during the American session. Currently, the US Dollar is trading at 952.38 against the Chilean Peso, down 0.38% on today’s trading day.
DXY plummets to lows not seen since March 21
The US Dollar fell as non-farm payrolls disappointed and unemployment rose. The US Department of Labor reported that 114,000 jobs were created, below expectations of 175,000. On the other hand, the unemployment rate rose to 4.3%, above economists’ expectations. These results pushed the Dollar Index down to levels not seen since March 21 at 103.21, recording a loss of 1.07%.
Next week will be packed with new economic data from China, including the Caixin Services PMI and Trade Balance, which could impact the price of copper, which has remained in a range between $4.02 and $4.21 for eight sessions.
Technical levels in the USD/CLP
The USD/CLP has been consolidating over the past eleven sessions, establishing short-term resistance at 965.25. The first support is at 933.71, close to the 50% Fibonacci retracement. The next support is at 905.80, given by the low of July 11.
Chilean Peso Daily Chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
