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CHILE: USDCLP Bull Cycle Remains In Play

CHILE
EM BulletBulletGlobalEmerging Market NewsRegion
  • USDCLP edged down by 0.17% to 952 yesterday, but remains near the top of its longer-term 885-960 range. From a technical perspective, a bull cycle in USDCLP remains in play and the pair is still above resistance at 951.80, the Sep 10 high. This exposes the 960.00 handle next, ahead of 966.61, the Aug 5 high and a key short-term resistance.
  • The macro calendar remains light today, with focus on PPI inflation data due on Thursday, followed by September unemployment figures on Oct 29, ahead of month-end activity data for the previous month.
  • In other news, Codelco has proposed its former CEO Andre Sougarret and board member Juan Enrique Morales as directors of the Quebrada Blanca operating company. The nominations follow Codelco’s purchase of a 10% stake in the Teck Resources-controlled mine in northern Chile, which gives Codelco the right to two of eleven board members.
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  • USDCLP edged down by 0.17% to 952 yesterday, but remains near the top of its longer-term 885-960 range. From a technical perspective, a bull cycle in USDCLP remains in play and the pair is still above resistance at 951.80, the Sep 10 high. This exposes the 960.00 handle next, ahead of 966.61, the Aug 5 high and a key short-term resistance.
  • The macro calendar remains light today, with focus on PPI inflation data due on Thursday, followed by September unemployment figures on Oct 29, ahead of month-end activity data for the previous month.
  • In other news, Codelco has proposed its former CEO Andre Sougarret and board member Juan Enrique Morales as directors of the Quebrada Blanca operating company. The nominations follow Codelco’s purchase of a 10% stake in the Teck Resources-controlled mine in northern Chile, which gives Codelco the right to two of eleven board members.