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CLP Recovers, Central Bank Comments On Peso Depreciation

CHILE
  • In an emailed response to questions, Chile’s central bank is expected to assess the ‘important’ CLP fall as well as the rise in the price s of some commodities likes oil at their next policy meeting. While reiterating the global outlook remains complex, the BCCh said “the peso has had a very significant depreciation and long-term interest rates have increased”. For reference, the next BCCh decision falls on October 26.
  • After trading within close proximity of noted resistance on Monday and Tuesday at 956.45, the Nov 21 high, USDCLP reversed substantially throughout yesterday’s session to close at 937.70. Additional peso strength sees the pair open with 0.4% losses today. With conditions remaining bullish, initial support is at the 20-day EMA, intersecting at 916.26. Key support remains at the 50-day EMA - at 889.18.
  • Today marks the fourth anniversary of Chile’s outbreak of social unrest in 2019. According to reports, multiple organisations have called for protests and rallies throughout the country on social networks.
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