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CLP Experiences Volatile Swings Amid Commodity Price Action, Politics

CHILE
  • Pressure on the commodity complex on Monday, along with waning support for the new President kept CLP under significant pressure from the open on Monday. USDCLP briefly rose to just below 860 from 837 before retracing amid the late bounce in risk.
  • President Gabriel Boric’s approval rating declined four percentage points to 36% in the week of April 22, while disapproval rose to 53%, according to a Cadem poll released late Sunday.
    • Meanwhile, 46% of people polled say they’d reject the constitution proposed by Chile’s convention in a September referendum, with 37% saying they would vote in favour of the new charter.
  • Chile’s new President Gabriel Boric expressed his interest in strengthening state mining company Codelco both from a financial and operational point of view, Codelco said in a statement.

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