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CLP Buoyed By Continued Surge In Copper Price

CHILE
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  • Copper has rallied another 3.5% today to $505/lb, helping the Chilean peso to continue to outperform. USDCLP is currently down 0.8% on the day around the 890 level, bringing the pair close to support at 886.96, the 76.4% retracement of the Dec 1 ‘23 - Feb 26 bull leg.
  • The peso has also benefitted from a less dovish tone from the BCCh as it has slowed the pace of its easing cycle. Analysts currently expect the central bank to slow its easing pace further to 50bp next Thursday, although continued peso strength could yet prompt policymakers to adopt a more dovish stance.
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  • Copper has rallied another 3.5% today to $505/lb, helping the Chilean peso to continue to outperform. USDCLP is currently down 0.8% on the day around the 890 level, bringing the pair close to support at 886.96, the 76.4% retracement of the Dec 1 ‘23 - Feb 26 bull leg.
  • The peso has also benefitted from a less dovish tone from the BCCh as it has slowed the pace of its easing cycle. Analysts currently expect the central bank to slow its easing pace further to 50bp next Thursday, although continued peso strength could yet prompt policymakers to adopt a more dovish stance.