While the US central bank is expected to keep the interest rate unchanged, the market is closely watching the dot plot, which will shed light on the Federal Reserve’s movements during 2024.
The price of the dollar in Chile started Wednesday’s session on the rise, reaching levels of $970 on the day the Federal Reserve will announce its interest rate decision, following its meeting, at 3:00 PM local time.
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The US dollar rose by $5.69 to $971.69 at the opening of the session, according to market quotations. Internationally, the dollar index, which compares the US currency with six key global currencies, was up 0.28%.
The eagerly awaited dot plot will show us at what levels the Fed governors see the reference rate for the next 12 months, three years, and the long-term neutral rate.
The focus of traders is on the forecasts that the central bank can provide, considering the expected neutrality with a 99% probability, which seems to be upheld during the May meeting and under evaluation during June.
Meanwhile, Comex copper futures, Chile’s main export, fell by 0.82% to $4.04 per pound.
This comes after Chilean President Gabriel Boric stated on Monday that the economy would “take off” this year after confirming a 0.2% growth in 2023, avoiding a recession.
“Last year, despite all the difficulties, Chile grew, and this year we are deeply convinced that we will recover sustained growth, and this will be noticeable in families’ pockets,” said the president at an official event.
“This is the year of takeoff,” Boric added, who last week completed his second year in office.
The Chilean Central Bank reported on Monday that GDP expanded by 0.4% in the last quarter of 2023 and closed with positive growth despite projections.
