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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessCLP Spirals on Political Uncertainty, Sinking Copper Prices
- All Latam currencies suffering so far Wednesday - mimicking the price action across other EM FX including ZAR, HUF and PLN ahead of the London close.
- USDCLP seeing a particularly notable move higher, touching new record levels and extending the price action posted since the beginning of the week. Risk-off remains a key driver as well as the plummeting copper price, which today touched new contract lows for Sep future.
- Adding to the pressure on Chile, the government's submission of the draft constitution this week has landed poorly with the public, with opinion polling pointing to a rejection of the changes at this September's referendum.
- On a technical basis, the latest bullish phase has resulted in a break of the major hurdle for bulls at 878.86, the Mar 19 2020 high. This signals scope for a continuation higher and sights are on 969.18, the 1.618 projection of the Mar 29 - May 12 - Jun 3 price swing. Initial firm support is at 897.15, the 20-day EMA.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.