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CLP May Be Buoyed By Copped Rebound, Mining Royalty Bill Vote Due

CHILE
  • The Chilean Peso came under significant pressure on Tuesday, leading losses among emerging market currencies after copper further retreated on the back of disappointing economic data from China. However, a near 1.5% bounce for the red metal may support the peso at the open despite the firmer USD index.
  • The medium-term trend direction remains down for USDCLP. A continuation lower and clear breach of 783.10, would expose the key bear trigger at 776.28, the Feb 3 low. Clearance of this level would confirm a resumption of the broader downtrend.
  • On Wednesday, Hacienda is scheduled to sell bonds in the local market: CLP100b ($125m) via the reopening of BTP 2050 peso bonds and 6m UF ($270m) via the reopening of a BTU 2050 bond.
  • The Chamber of Deputies is scheduled to begin the vote on the mining royalty bill at 3pm local time. Lithium miner SQM will report first quarter results after the close.
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