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CLP, COP Divergence Continues Ahead Of BanRep Interest Rate Decision

LATAM FX
  • The Chilean peso remains the regional underperformer through Friday’s session, with USDCLP currently ~0.75% higher on the day and approximately 1.1% from resistance and the bull trigger at 990.67, the Feb 26 high. A break of this hurdle would confirm a resumption of the uptrend and open 1000.00. BCCh President Costa’s dovish comments on inflation earlier this week have contributed to the CLP’s renewed weakness, while lower copper prices have also provided a headwind.
  • The contrast with its Andean counterpart, the Colombian peso, continues with USDCOP currently trading ~0.29% lower on the day, ahead of the BanRep interest rate decision at 1800GMT. The central bank is widely expected to step up the pace of easing, with consensus for a 50bp move later. This would still leave real yields supportive of COP, unless the central bank surprises with an even larger move.
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