FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

CHILE: Copper Weighs On CLP Ahead Of Thursday’s BCCh Rate Decision

CHILE
EM BulletBulletGlobalEmerging Market NewsRegion
  • USDCLP has opened marginally higher as a further slide in copper prices following the disappointment over the lack of Chinese stimulus details over the weekend continues to weigh on the peso. At 932, USDCLP is trading closer to its recent highs. The recovery that started Sep 27, has resulted in a break of both the 20- and 50-day EMAs, which undermines a recent bearish theme and signals scope for an extension higher, towards 951.80, the Sep 10 high.
  • A reversal lower and a clear breach of the 20-day EMA, at 923.99, would signal the end of the latest bull phase and refocus attention on support at 891.28, the Sep 27 low.
  • No macro data are due today, with all eyes on the BCCh monetary policy meeting on Thursday, when another 25bp cut to 5.25% is widely expected. Yesterday’s central bank trader’s survey mirrored last week’s economist survey, with market participants expecting 25bp rate cuts at each of the next three MPC meetings to 4.75% by January, as the recent slowdown in economic activity and the moderation in inflation support a continuation of the easing cycle. A full preview with analyst views will be published later today.
195 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • USDCLP has opened marginally higher as a further slide in copper prices following the disappointment over the lack of Chinese stimulus details over the weekend continues to weigh on the peso. At 932, USDCLP is trading closer to its recent highs. The recovery that started Sep 27, has resulted in a break of both the 20- and 50-day EMAs, which undermines a recent bearish theme and signals scope for an extension higher, towards 951.80, the Sep 10 high.
  • A reversal lower and a clear breach of the 20-day EMA, at 923.99, would signal the end of the latest bull phase and refocus attention on support at 891.28, the Sep 27 low.
  • No macro data are due today, with all eyes on the BCCh monetary policy meeting on Thursday, when another 25bp cut to 5.25% is widely expected. Yesterday’s central bank trader’s survey mirrored last week’s economist survey, with market participants expecting 25bp rate cuts at each of the next three MPC meetings to 4.75% by January, as the recent slowdown in economic activity and the moderation in inflation support a continuation of the easing cycle. A full preview with analyst views will be published later today.