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Chile Day 2024 Event Begins In Toronto (1700BST/1200ET)

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  • The Chilean peso gained against the dollar again yesterday, as copper prices rose again on the back of supply concerns and optimism about Chinese demand. Analysts expect the currency to remain closely tied to copper, which in BBVA’s view means the peso will be highly volatile ahead.
  • From a technical perspective, a bear trend in USDCLP remains intact, with attention on 886.96, the 76.4% retracement of the Dec 1 ‘23 - Feb 26 bull leg. A clear break of this level would open 870.45, the Dec 29 ‘23 low. Initial key short-term resistance has been defined at 916.46, the 20-day EMA.
  • No macro data are due today, but the annual Chile Day 2024 event will kick off in Toronto from 1700BST(1200ET) to be followed by meetings in New York later this week, attended by Finance Minister Marcel and BCCh Governor Costa.
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  • The Chilean peso gained against the dollar again yesterday, as copper prices rose again on the back of supply concerns and optimism about Chinese demand. Analysts expect the currency to remain closely tied to copper, which in BBVA’s view means the peso will be highly volatile ahead.
  • From a technical perspective, a bear trend in USDCLP remains intact, with attention on 886.96, the 76.4% retracement of the Dec 1 ‘23 - Feb 26 bull leg. A clear break of this level would open 870.45, the Dec 29 ‘23 low. Initial key short-term resistance has been defined at 916.46, the 20-day EMA.
  • No macro data are due today, but the annual Chile Day 2024 event will kick off in Toronto from 1700BST(1200ET) to be followed by meetings in New York later this week, attended by Finance Minister Marcel and BCCh Governor Costa.