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CLP Weakens Amid Lower Copper, Pressure on EM FX

CHILE
  • USDCLP is rising again on Thursday extending the most recent bounce to 4.5% as lower copper prices, a firmer greenback and pressure on EMFX work against the Peso. Initial firm resistance for USDCLP is at 958.44, the Nov 3 high.
    • Demand concerns from China remain at the forefront for commodities markets, as Covid cases continue to rise reducing the hope of any further near-term easing of restrictions.
  • Chile’s Gabriel Boric speaks about Latin America and Asia relations in Thailand, at the Asia-Pacific Economic Cooperation leaders’ summit in Bangkok
  • GDP and current account balance data for the third quarter will be published on Friday and remain the focus on the domestic docket.
  • Former internal revenue chief Michel Jorratt told a Senate committee Wednesday that Chilean miners currently pay a lower effective tax rate than in Peru and Australia, and that the government’s plan to increase copper royalties would bring them more or less in line. (BBG)
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