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CHILE: Peso Supported By Robust Activity Data

CHILE
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  • Despite a dip in copper prices today, the stronger-than-expected August activity data is still providing some support to the Chilean peso, which is trading ~0.3% firmer against the dollar around 897.
    • Retail sales, IP and manufacturing all rose more than expected last month, suggesting upside risks to tomorrow’s August economic activity (IMACEC) data, where consensus is currently for a 0.1% m/m (+1.8% y/y) increase.
    • A bear cycle in USDCLP remains in play. The move lower that started Sep 10, has resulted in the break of two important support points; 904.48, the Aug 26 low, and 902.00, the Jul 11 low. This signals scope for an extension towards the next key support at 881.73, the May 20 low.
    • Analysts note that USDCLP supports into 900-880 have resisted this year, and BBVA say that they are watching the bottom of the range to potentially enter long recommendations.
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  • Despite a dip in copper prices today, the stronger-than-expected August activity data is still providing some support to the Chilean peso, which is trading ~0.3% firmer against the dollar around 897.
    • Retail sales, IP and manufacturing all rose more than expected last month, suggesting upside risks to tomorrow’s August economic activity (IMACEC) data, where consensus is currently for a 0.1% m/m (+1.8% y/y) increase.
    • A bear cycle in USDCLP remains in play. The move lower that started Sep 10, has resulted in the break of two important support points; 904.48, the Aug 26 low, and 902.00, the Jul 11 low. This signals scope for an extension towards the next key support at 881.73, the May 20 low.
    • Analysts note that USDCLP supports into 900-880 have resisted this year, and BBVA say that they are watching the bottom of the range to potentially enter long recommendations.