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Chilean Peso Remains Buoyed By Commodities/Technicals

LATAM FX
  • Despite a multitude of local market closures across the region, the Chilean Peso has risen over 1% on Monday against the greenback.
  • CLP continues to be underpinned by commodity strength as well as USDCLP trend conditions remaining bearish and short-term gains at this stage being considered corrective.
  • The 50-day EMA at 814.84 has been probed but still offers a firm resistance area ahead of 832.75, the Feb 7 high.
  • USDMXN filled the gap to Friday’s close amid the ongoing recovery in equities but has since had a small bounce to trade around 20.40 as we approach the month-end WMR fix.
  • Colombian unemployment scheduled at some point today is the last remaining data point.
  • Below gives key levels of LatAm markets in current trade:
    • USDMXN up 0.26% at 20.3997
    • USDCLP down 1.1% at 793.15
    • USDCOP down 0.36% at 3899.24
    • USDPEN up 0.09% at 3.741
    • Bbg Dollar Index up 0.09% at 1180.66
    • JPMorgan EM Ccy Index down 2.53% at 51.676
    • BBG Commodity Index up 2.197 points (1.95%) at 114.5945
    • WTI Crude Oil (front-month) up $4.02 (4.39%) at $95.60
    • Gold is up $26.26 (1.39%) at $1915.70
    • Copper Futures up 0.7 (0.16%) at 447.90
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