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Central Bank President Costa At IMF/World Bank Spring Meetings

CHILE
  • Greenback strength Friday saw USDCLP extend the most recent bounce to close at 969.50. Support at 935 has held in well and bullish conditions remain in place for the pair, despite the buoyant copper prices and more hawkish central bank offering support to the peso at the beginning of April.
  • Early price action on Monday saw copper continue its impressive advance, with front-month futures briefly rising to 439.65, the highest level since June 2022. Price has since dipped to around 431, however, investors continue to bet that curtailed ore supply will struggle to keep up with resurgent global demand.
  • Central Bank President Rosanna Costa will be participating in the spring meetings of the IMF and World Bank. The local data calendar is very light with the BCCh Traders Survey to be published this Friday and the next BCCh meeting not until May 23.

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