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BCCh Unveils New Integrated Derivatives System

CHILE
  • Central bank President Rosanna Costa said a new, centralized system aims to boost transparency and financial system stability while also allowing authorities to monitor markets more closely.
  • There is a greater need for automation of information regarding derivatives. The new system will have details about trading amounts, involved parties and currency used. It will also incorporate historical data.
  • The BCCh expects it to provide indications about financial market expectations on economic trends.
  • The data calendar remains extremely light this week, with Thursday’s PPI data the only release.
  • Stabilisation in copper futures has aided a short-term bounce for the Chilean peso, with the renewed greenback selling over the past two sessions an additional CLP tailwind.
  • USDCLP remains closer to its recent highs following last week’s sharp rally and technical resistance remains at 958.44, the Nov 3 high.
    • A break of this level would signal scope for a stronger recovery and expose 996.97, the Sep 26 high. Key support and the bear trigger lies at 880.85, the Nov 11 low.

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