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CHILE: USDCLP Rises 1.3% As Copper Dips Lower

CHILE
BulletEM BulletEmerging Market News
  • The Chilean peso has underperformed today on the back of a further decline in copper prices, with the currency falling 1.3% against the dollar. Copper is down by 0.6% today and 1.9% from its weekly high on Wednesday, amid further gains in the greenback. This leaves the red metal 12% below its Oct 2 high, with USDCLP rising by around 9% over the same period.
    • The gain in USDCLP to 987 narrows the gap to 990.67, the Feb 26 high, ahead of the psychological 1000.00 handle. Meanwhile, Camara swap rates have also risen by 5-6bp today, although yields remain lower on the week.
    • Next week focus turn to month-end activity data for October on Friday, including retails sales and IP. November CPI stats follow on Dec 6 and the next BCCh MPC meeting on Dec 17.
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  • The Chilean peso has underperformed today on the back of a further decline in copper prices, with the currency falling 1.3% against the dollar. Copper is down by 0.6% today and 1.9% from its weekly high on Wednesday, amid further gains in the greenback. This leaves the red metal 12% below its Oct 2 high, with USDCLP rising by around 9% over the same period.
    • The gain in USDCLP to 987 narrows the gap to 990.67, the Feb 26 high, ahead of the psychological 1000.00 handle. Meanwhile, Camara swap rates have also risen by 5-6bp today, although yields remain lower on the week.
    • Next week focus turn to month-end activity data for October on Friday, including retails sales and IP. November CPI stats follow on Dec 6 and the next BCCh MPC meeting on Dec 17.