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CHILE: Peso Opens Marginally Firmer on Copper, PPI Data Friday

CHILE
  • USDCLP opened 0.15% lower on Wednesday, potentially owing to a solid recovery for copper futures which trade close to 3 week highs. Overall, the pair has pulled back from its Aug 5 high of 966.61 and price has traded through a key support at 929.78, the Aug 1 low. This break signals scope for a deeper retracement towards 902.00, the Jul 11 low. Initial firm resistance is 940.53, the Aug 16 high.
  • PPI data is scheduled to cross on Friday, in an otherwise empty data calendar. Energy Minister Diego Pardow will inaugurate power infrastructure in Antofagasta region later today.

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