Free Trial
USDCAD TECHS

Remains Vulnerable

AUDUSD TECHS

Trend Needle Points North

US TSYS

Bonds Near Highs, Yield Curves Flatter

EURJPY TECHS

Bearish Outlook

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access

CLP Spirals on Political Uncertainty, Sinking Copper Prices

CHILE
  • 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.
164 words

To read the full story

Why Subscribe to

MarketNews.com

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.
  • 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.