Free Trial
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
LATAM FX
- USDCLP has risen sharply on Thursday as various factors working against the local currency have aligned in recent trade.
- CLP (-2.5%) is the worst-performing currency across global markets Thursday after the nation’s current account deficit unexpectedly widened to a record in the second quarter and economic growth stalled.
- Furthermore, although largely as a result of the struggling Euro, the dollar index is extending its most recent strength, rising to a three-week high back above 1.07.
- Additionally, the central bank’s currency intervention program has now reached its final week, potentially eliminating the largest obstacle for renewed USDCLP bullishness and the price action from Tuesday’s open could be signs that investors are adjusting their positions accordingly.
- This comes amid ongoing political uncertainties surrounding next month’s referendum on the new constitution combined with the bleak approval ratings for the nations newly elected President.
- As mentioned, initial firm resistance has been defined at 970.08, the Jul 22 high. A breach of this level is required to reinstate a technically bullish theme.
- A very light data calendar next week with just PPI data for July, which should keep political developments in focus.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok