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CHILE: Peso Buoyed By Further Copper Price Gains

CHILE
EM BulletBulletGlobalEmerging Market NewsRegion
  • The Chilean peso posted further modest gains against the dollar yesterday, buoyed by another increase in copper prices, which rose for a fourth successive session. Copper is up another 0.4% today, taking gains over the last week to around 5%, which may provide a further small tailwind to the peso.
  • USDCLP fell by 0.41% to 922 at the close yesterday, having traded as low as 919.75 earlier in the session. From a technical perspective, USDCLP has broken below both the 20- and 50-day EMAs, undermining the recent bullish theme, and a continuation lower would expose support at 904.48, the Aug 26 low.
  • With national holidays due from tomorrow through Friday, the domestic data calendar remains clear today and for the rest of this week. After the FOMC meeting tomorrow, the next release will be August PPI on Sept 24.
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  • The Chilean peso posted further modest gains against the dollar yesterday, buoyed by another increase in copper prices, which rose for a fourth successive session. Copper is up another 0.4% today, taking gains over the last week to around 5%, which may provide a further small tailwind to the peso.
  • USDCLP fell by 0.41% to 922 at the close yesterday, having traded as low as 919.75 earlier in the session. From a technical perspective, USDCLP has broken below both the 20- and 50-day EMAs, undermining the recent bullish theme, and a continuation lower would expose support at 904.48, the Aug 26 low.
  • With national holidays due from tomorrow through Friday, the domestic data calendar remains clear today and for the rest of this week. After the FOMC meeting tomorrow, the next release will be August PPI on Sept 24.