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CHILE: USDCLP Falls 0.9% As Centre-Right Gains In Regional Elections

CHILE
BulletEM BulletEmerging Market News
  • The Chilean peso is trading on the front-foot at the start of the week, following news of the nomination of Scott Bessent as US Treasury Secretary, which is providing mild support for Latam currencies.
  • A pick-up in copper prices on Monday is also providing a tailwind, along with the regional election results from the weekend, which showed a rebound in support for centre-right parties. The centre-right Vamos coalition will hold six of 16 governor seats, up from one previously, according to Bloomberg, while the far-right Partido Republicano failed to win any seats.
  • USDCLP is down by 0.9% to 977 in early trade on Monday, unwinding much of Friday’s gain. From a technical perspective, a bull cycle for USDCLP remains in play, with sights on 990.67, the Feb 26 high, ahead of the psychological 1000.00 handle. Initial firm support lies at 967.90 the 20-day EMA.
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  • The Chilean peso is trading on the front-foot at the start of the week, following news of the nomination of Scott Bessent as US Treasury Secretary, which is providing mild support for Latam currencies.
  • A pick-up in copper prices on Monday is also providing a tailwind, along with the regional election results from the weekend, which showed a rebound in support for centre-right parties. The centre-right Vamos coalition will hold six of 16 governor seats, up from one previously, according to Bloomberg, while the far-right Partido Republicano failed to win any seats.
  • USDCLP is down by 0.9% to 977 in early trade on Monday, unwinding much of Friday’s gain. From a technical perspective, a bull cycle for USDCLP remains in play, with sights on 990.67, the Feb 26 high, ahead of the psychological 1000.00 handle. Initial firm support lies at 967.90 the 20-day EMA.