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CHILE: Port Strike Enters Second Day, Q3 GDP Next Week

CHILE
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  • USDCLP has opened lower on Friday, with the pair down by around 0.5% at 971, following a rebound in copper prices today. The move leaves USDCLP unchanged on the week, after the peso also received support from the increase in the daily amount of dollar sales from Hacienda earlier in the week. A bull cycle in USDCLP remains in play, however, with attention on 990.67, the Feb 26 high. Initial firm support lies at 960.10, the 20-day EMA.
  • Meanwhile, a strike at the Ventanas port in central Chile has entered a second day, according to Bloomberg, threatening copper shipments. The port loads semi-processed copper concentrate for export. A union leader said that the port is paralysed as union members aren’t allowing workers to enter the site after wage talks failed to reach an agreement. No ships are docked currently, according to the union leader, but one is scheduled to arrive later Friday.
  • On the data front, the next publications in the calendar are Q3 GDP and current account on Monday, followed by October PPI figures next Friday. Analysts expect GDP to rise by 0.6% q/q and 2.2% y/y in Q3.
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  • USDCLP has opened lower on Friday, with the pair down by around 0.5% at 971, following a rebound in copper prices today. The move leaves USDCLP unchanged on the week, after the peso also received support from the increase in the daily amount of dollar sales from Hacienda earlier in the week. A bull cycle in USDCLP remains in play, however, with attention on 990.67, the Feb 26 high. Initial firm support lies at 960.10, the 20-day EMA.
  • Meanwhile, a strike at the Ventanas port in central Chile has entered a second day, according to Bloomberg, threatening copper shipments. The port loads semi-processed copper concentrate for export. A union leader said that the port is paralysed as union members aren’t allowing workers to enter the site after wage talks failed to reach an agreement. No ships are docked currently, according to the union leader, but one is scheduled to arrive later Friday.
  • On the data front, the next publications in the calendar are Q3 GDP and current account on Monday, followed by October PPI figures next Friday. Analysts expect GDP to rise by 0.6% q/q and 2.2% y/y in Q3.