{"id":118417,"date":"2026-06-17T09:11:41","date_gmt":"2026-06-17T07:11:41","guid":{"rendered":"https:\/\/insights.onequity.com\/?p=118417"},"modified":"2026-06-17T09:51:20","modified_gmt":"2026-06-17T07:51:20","slug":"indice-del-dolar-comienza-la-era-warsh","status":"publish","type":"post","link":"https:\/\/insights.onequity.com\/es\/indice-del-dolar-comienza-la-era-warsh\/","title":{"rendered":"\u00cdndice del D\u00f3lar; Comienza la Era Warsh"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Esta noche marca la primera conferencia de prensa de Kevin Warsh como el 17.\u00ba presidente de la Reserva Federal, y los mercados se preparan para una reuni\u00f3n que ser\u00e1 tan importante por su comunicaci\u00f3n como por las tasas de inter\u00e9s. Warsh fue confirmado el 13 de mayo y asumi\u00f3 oficialmente el cargo el 22 de mayo, apenas semanas despu\u00e9s de que finalizara el mandato de Jerome Powell. Hered\u00f3 adem\u00e1s un comit\u00e9 dividido: la decisi\u00f3n de mantener las tasas en abril fue aprobada por 8 votos contra 4, con disidencias en direcciones opuestas.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La decisi\u00f3n sobre las tasas es, en gran medida, una conclusi\u00f3n anticipada. Seg\u00fan CME FedWatch, existe aproximadamente un 97 % de probabilidad de que la Fed mantenga sin cambios su rango objetivo entre el 3,50 % y el 3,75 %. Lo que realmente hace trascendental la reuni\u00f3n de esta noche es la amplia transformaci\u00f3n institucional que Warsh parece dispuesto a iniciar.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Warsh ha criticado abiertamente el modelo de orientaci\u00f3n futura (<em>forward guidance<\/em>) de la Fed, argumentando que comunicar con demasiada anticipaci\u00f3n la trayectoria de las tasas lleva a los responsables de la pol\u00edtica monetaria a aferrarse a sus previsiones m\u00e1s tiempo del debido. Seg\u00fan \u00e9l, esta din\u00e1mica contribuy\u00f3 al costoso error de considerar la inflaci\u00f3n como \u201ctransitoria\u201d durante 2021 y 2022.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Su visi\u00f3n apunta hacia un banco central m\u00e1s \u00e1gil y menos comunicativo, que espere a estar frente a los datos antes de comprometerse con una direcci\u00f3n espec\u00edfica.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Uno de los aspectos m\u00e1s observados esta noche ser\u00e1 si Warsh presenta su propio punto (<em>dot<\/em>) en el Resumen de Proyecciones Econ\u00f3micas (SEP). Aunque se espera que tanto el SEP como el gr\u00e1fico de puntos sean publicados, no sorprender\u00eda que Warsh decidiera no incluir sus propias proyecciones. Ser\u00eda una decisi\u00f3n principalmente simb\u00f3lica, pero reforzar\u00eda su postura de que los responsables de la pol\u00edtica monetaria deber\u00edan centrarse m\u00e1s en los datos entrantes que en las previsiones.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mientras tanto, los puntos del resto del comit\u00e9 est\u00e1n adoptando una postura m\u00e1s agresiva (<em>hawkish<\/em>). Se espera que el SEP de junio muestre que el participante mediano proyecta que no habr\u00e1 recortes de tasas este a\u00f1o, un cambio significativo respecto a marzo, cuando a\u00fan se contemplaba al menos un recorte.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Bank of America ha se\u00f1alado que al menos tres miembros del FOMC podr\u00edan proyectar aumentos de tasas para 2026, un escenario que implicar\u00eda una importante reevaluaci\u00f3n del riesgo en m\u00faltiples clases de activos.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Si Warsh decide no presentar su punto y el comunicado elimina cualquier sesgo hacia una flexibilizaci\u00f3n monetaria, los mercados recibir\u00e1n una se\u00f1al clara: el manual de la era Powell basado en la orientaci\u00f3n anticipada est\u00e1 siendo retirado, y el nuevo presidente de la Fed se siente c\u00f3modo utilizando la ambig\u00fcedad como herramienta de pol\u00edtica monetaria.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">An\u00e1lisis T\u00e9cnico<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">En cuanto al d\u00f3lar estadounidense y al \u00cdndice del D\u00f3lar (DXY), la moneda ha mostrado una renovada fortaleza desde mediados de abril.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tras encontrar soporte cerca de 97,30 y formar un doble suelo relativo, el \u00edndice gan\u00f3 suficiente impulso para iniciar un nuevo avance hacia el nivel actual de 99,55. Como resultado, ahora cotiza en la parte superior del rango que ha contenido la acci\u00f3n del precio durante el \u00faltimo a\u00f1o, cuyo l\u00edmite superior extremo se encuentra alrededor de 100,30.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La zona de 99,80 representa otro nivel clave de resistencia que, de hecho, fue puesto a prueba la semana pasada, generando una zona de compresi\u00f3n entre 99,35 y 99,80.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Cabe destacar que este es el segundo per\u00edodo claro de consolidaci\u00f3n dentro del impulso alcista general. El primero ocurri\u00f3 desde mediados de mayo hasta principios de junio, cuando el \u00edndice permaneci\u00f3 atrapado entre 98,60 y 99,15\u201399,20.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"850\" height=\"550\" src=\"https:\/\/insights.onequity.com\/wp-content\/uploads\/2026\/06\/17Jun-USDIDX.png\" alt=\"\" class=\"wp-image-118415\" srcset=\"https:\/\/insights.onequity.com\/wp-content\/uploads\/2026\/06\/17Jun-USDIDX.png 850w, https:\/\/insights.onequity.com\/wp-content\/uploads\/2026\/06\/17Jun-USDIDX-300x194.png 300w, https:\/\/insights.onequity.com\/wp-content\/uploads\/2026\/06\/17Jun-USDIDX-768x497.png 768w\" sizes=\"(max-width: 850px) 100vw, 850px\" \/><figcaption class=\"wp-element-caption\"><strong>\u00cdndice USD, Diario, septiembre de 2025 \u2013 Actual<\/strong><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Estos son, esencialmente, todos los niveles t\u00e9cnicos relevantes en esta etapa. Incluso considerando la posible volatilidad posterior a la decisi\u00f3n de pol\u00edtica monetaria y la conferencia de prensa, parece muy poco probable que el \u00cdndice del D\u00f3lar supere significativamente este rango.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Por \u00faltimo, vale la pena aclarar la posici\u00f3n actual del mercado respecto a la trayectoria de las tasas de inter\u00e9s.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La curva de futuros apunta a un per\u00edodo prolongado de estabilidad monetaria, con solo una ligera inclinaci\u00f3n hacia la posibilidad de una nueva subida de tasas. A partir de septiembre, las probabilidades favorecen marginalmente tasas m\u00e1s altas, aunque la diferencia sigue siendo m\u00ednima.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Actualmente, el mercado asigna una probabilidad del 42,5 % a una tasa de referencia entre el 3,75 % y el 4,00 %, frente al 40,7 % correspondiente al escenario alternativo.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Esta noche marca la primera conferencia de prensa de Kevin Warsh como el 17.\u00ba presidente de la Reserva Federal, y [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":113481,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[863],"tags":[4640,4815,4380,4631,4737,4816],"class_list":["post-118417","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-technical","tag-dolar-estadounidense","tag-kevin-warsh","tag-onequity-insights","tag-reserva-federal","tag-tasas-de-interes","tag-usd-index"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>\u00cdndice del D\u00f3lar; 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