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CLP Advances On Relative Optimism In Cadem Survey, Ongoing Intervention

CHILE
  • As noted yesterday, the latest Cadem survey released over the weekend showed a narrowing of rejection/approval gap.
  • Despite the near 2% CLP selloff on Monday, the pair still remains well off the lowest levels printed last week at 913.33. Some analysts had attributed the lower-than-expected fx intervention volumes for this week to the USDCLP bounce on Friday, however, the large USD supply will likely continue to act as a CLP tailwind in the short-term.
  • No domestic event risk until Thursday, when the BCCh minutes of the July monetary policy decision will be published. Unemployment data for June will also hit the wires Thursday before Friday’s release of production/activity figures.

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