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CLP Reverses Election Primaries Optimism

LATAM FX
  • USDCLP initially opened down over half a percent following the political developments over the weekend.
  • Risk-off trade is now prevailing with plummeting equities contributing to EMFX weakness.
  • As noted the immediate bull trigger is the recent high of 759.45 on Jul 8, in very close proximity to where we currently trade.
  • USDBRL also probing the highs of the day back above 5.20.

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