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BCCh President Costa Speaks, Copper Weighs on CLP

CHILE
  • Andean currencies are extending monthly losses as concerns surrounding the growth outlook in China are impacting the global-currency markets. Furthermore, copper futures have extended on Monday’s decline and combined with President Boric’s declining approval, there is a notable combination of headwinds accruing for the local currency.
  • As noted, USDCLP maintains a firmer short-term technical tone and sights are on key resistance at 996.97, the Sep 26 high. Bullish conditions signal scope for 1000.00 and 1061.00 further out, the Jul 14 high. The 50-day EMA, at 936.14, remains the key support.
  • Central Bank President Rosanna Costa will speak about “Analysis and Perspectives of the Chilean Economy” in a seminar in Copiapo at 10am local time.
    • BCCh minutes will be published Thursday, which may provide further clarity on why officials decided to announce the end of tightening cycle amid ongoing inflationary pressures.

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