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CHILE: CLP Opens On Back Foot Amid Pullback In Copper

CHILE
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  • USDCLP has risen another 0.65% in early trade today, amidst a pullback in copper prices, with the pair rising to 917, the highest level since Sept 24. The move has narrowed the gap to initial firm resistance at 924.50, the 50-day EMA and follows disappointing economic activity and fiscal news this week.
  • Today, no domestic macro data are due, with attention turning to September trade and CPI inflation figures, across October 7/8. The next BCCh monetary policy meeting is scheduled for October 17, when recent survey data have suggested that another 25bp rate cut is expected.
  • Meanwhile, the central bank has published its monetary and financial policy meeting schedule for next year here. The eight MPC meetings are scheduled to take place after the inflation release for that month, with the first meeting due on 27/28 January.
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  • USDCLP has risen another 0.65% in early trade today, amidst a pullback in copper prices, with the pair rising to 917, the highest level since Sept 24. The move has narrowed the gap to initial firm resistance at 924.50, the 50-day EMA and follows disappointing economic activity and fiscal news this week.
  • Today, no domestic macro data are due, with attention turning to September trade and CPI inflation figures, across October 7/8. The next BCCh monetary policy meeting is scheduled for October 17, when recent survey data have suggested that another 25bp rate cut is expected.
  • Meanwhile, the central bank has published its monetary and financial policy meeting schedule for next year here. The eight MPC meetings are scheduled to take place after the inflation release for that month, with the first meeting due on 27/28 January.