CANADA MAY RETAILS -0.8% VS FORECAST -0.6%, PRIOR +0.6%

MNI: Canada June Retails Fall And May Biggest Drop In A Year

MNI China Daily Summary: Friday, July 19

MNI BRIEF: China To Boost Consumer Spending, New Industries

MNI BRIEF: China Enhances Fiscal Response To Boost Economy

MNI BRIEF: China To Promote Migrates' Rights, Reform Hukou System

MNI: BAKER HUGHES US RIG COUNT 586; OIL RIGS 477; GAS RIGS 103

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

CLP Underperforming On Data, Copper

CHILE
BulletEM BulletEmerging Market NewsHomepage
  • Disappointing March activity data and a 2% decline in copper prices are weighing on the Chilean peso today, which is currently 1.2% weaker against the dollar. Activity was negatively affected by three fewer working days in the month, although the 2.1% y/y decline in manufacturing was notably weaker than expected, while copper production was flat y/y, vs. +9.3% prior.
  • Despite the fall in the copper price today, the metal is still up by 25% since the mid-February low amidst ongoing supply concerns. Codelco said yesterday that it sees a y/y recovery in copper production next quarter and that the company would still produce more copper this year than last.
  • USDCLP has pared gains, having hit a high of 955.75 earlier. USDCLP medium-term trend condition remains bullish. Support to watch is unchanged at 935.63, the Mar 15 low, while on the upside, resistance and the bull trigger is at 990.67, the Feb 26 high.
151 words

To read the full story

Close

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.
  • Disappointing March activity data and a 2% decline in copper prices are weighing on the Chilean peso today, which is currently 1.2% weaker against the dollar. Activity was negatively affected by three fewer working days in the month, although the 2.1% y/y decline in manufacturing was notably weaker than expected, while copper production was flat y/y, vs. +9.3% prior.
  • Despite the fall in the copper price today, the metal is still up by 25% since the mid-February low amidst ongoing supply concerns. Codelco said yesterday that it sees a y/y recovery in copper production next quarter and that the company would still produce more copper this year than last.
  • USDCLP has pared gains, having hit a high of 955.75 earlier. USDCLP medium-term trend condition remains bullish. Support to watch is unchanged at 935.63, the Mar 15 low, while on the upside, resistance and the bull trigger is at 990.67, the Feb 26 high.