Dollar a step back from $ 690 after Xi Jinping speech that disappointed the market


The dollar closed the day with an advance of $ 2.4 pesos to $ 689.1, compared with $ 686.7 on Monday. The depreciation of the national currency is explained by sharp declines in copper after the commemoration of the 40th anniversary of China's economic opening.

Copper prices reached a minimum of more than a month, fearing that weak global growth would reduce demand and added that a smelter in India could restart activity and increase supply.

Heavy losses from the country's top exports are explained by the disappointing speech of Chinese President Xi Jinping in celebration of the country's 40-year economic opening. The president offered no new pledges to open or stimulate the world's second-largest economy amid weak economic data, which has heightened nervousness among investors.

In this way, the national currency ignores the weakness of the dollar in the international markets. The dollar index – which measures the performance of the currency against a basket of six world currencies – falls 0.20% and is on track to mark its second day of decline.

"If the current situation continues, the next level to be surpassed is $ 691.73. If this price level is firmly broken, the pair is likely to approach the psychological barrier of $ 700," said Francisco Lotano, an analyst at Alpari Research & Analysis.


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