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CLP Outperforming, Aided By Copper Rally

CHILE
  • The Chilean peso is outperforming after a strong open on Friday, aided by a 1.5% rally in copper prices today. USDCLP has fallen by 1.2% early in the session to around the 944 level, leaving the pair moderately higher on the week.
    • Earlier today, activity data for May were mixed, with retail sales and IP disappointing expectations, albeit maintaining a positive rate of y/y growth, but unemployment edging lower and copper production rebounding by 8.1% y/y.
    • Focus turns to the Imacec activity index, which is due on Monday.
    • For USDCLP, the pair has fallen back below the previously touted Fibonacci resistance at 948.30. This level will be closely monitored on a closing basis. Initial support to watch is at 933.11, the 20-day EMA. Key support remains much lower at 908.75, the Jun 12 low.
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