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CHILE: USDCLP Falls 0.7% Following Softer US Data

CHILE
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  • The sharp 6% rally in copper prices this week amidst rising optimism for Chinese demand, continues to support the Chilean peso on Friday, which has also benefitted from softer-than-expected US PCE data.
  • USDCLP is down another 0.7% at 894 today, keeping the pair under the psychological 900.00 level and 6% below the Sept 10 high. The pullback in USDCLP has undermined the recent bullish theme and brought the pair below previous support at 904.48, the Aug 26 low, and 902.00, the Jul 11 low. Next support is seen at 881.73, the May 20 low.
  • On the local calendar, the latest round of economic activity data will be released on Monday, including retail sales and IP, ahead of trade and inflation figures, scheduled across October 7/8.
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  • The sharp 6% rally in copper prices this week amidst rising optimism for Chinese demand, continues to support the Chilean peso on Friday, which has also benefitted from softer-than-expected US PCE data.
  • USDCLP is down another 0.7% at 894 today, keeping the pair under the psychological 900.00 level and 6% below the Sept 10 high. The pullback in USDCLP has undermined the recent bullish theme and brought the pair below previous support at 904.48, the Aug 26 low, and 902.00, the Jul 11 low. Next support is seen at 881.73, the May 20 low.
  • On the local calendar, the latest round of economic activity data will be released on Monday, including retail sales and IP, ahead of trade and inflation figures, scheduled across October 7/8.