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CLP Outperforms Ahead Of BCCh Decision, Fitch Comment On Downgrade Risk

CHILE
  • The Chilean Peso is notably outperforming on Tuesday, ahead of the central bank’s rate decision after the close. MNI preview for the meeting here.
  • The move for USDCLP has entirely reversed yesterday’s advance and has most recently printed near 3-month lows. Despite the slightly softer greenback and higher copper prices, the Peso is staging a significant rally relative to LatAm peers, with the Mexican peso continuing to trade on the backfoot.
  • Some have noted headlines from Fitch as potentially bolstering the move. In an interview, the director of sovereign ratings at Fitch Ratings said that Chile’s first budget surplus in a decade forecast for this year is underpinning the South American nation’s credit rating, removing the risk of a downgrade in the near-term.
  • For USDCLP, key support and the bear trigger at 880.85, the Nov 11 low, has now been breached which opens up the potential for a move to 849.75, the Sep 5 low.
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