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CLP Under Pressure Amid Softer Tone For Risk, Copper Weakness

CHILE
  • Risk-tied currencies continue to feel the pinch from the softer-than-expected Chinese growth data and the associated downside revisions to GDP forecasts from the sell-side. While the greenback is only trading marginally firmer on the session, this sentiment is certainly filtering through to LatAm FX, with the Chilean Peso particularly under pressure, declining 0.80%. Wires also citing the 2.5% decline for copper futures on Monday adding an additional headwind for the peso.
  • USDCLP traded higher last week and pierced 815.47, the May 25 high. A sustained break of this level would signal scope for a climb towards 825.20, the Apr 10 high, ahead of the key short-term resistance at 837.15, the Mar 17 high. Initial key support has been defined at 794.09, the Jul 4 low.
  • Chile’s political parties, with the exception of Evopoli, met Friday at the Ministry of Labor to discuss advancing the government’s pension reform, according to national media La Tercera. President Gabriel Boric is in Brussels Monday and Tuesday to participate in the EU-Celac summit. There are no domestic data releases scheduled this week.
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