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Domestic Activity Data Eyed, USDCLP Trend Outlook Remains Bearish

CHILE
  • Activity data will be published at the top of the hour in the form of manufacturing, industrial & copper production, commercial activity and retail sales data for November. Focus will then turn to the release of November economic activity on January 02.
    • Manufacturing Production YoY, est. 4.8%, prior 9.5%
    • Industrial Production YoY, est. 1.3%, prior 1.1%
    • Unemployment Rate, est. 8.8%, prior 8.9%
    • Copper Production Total, prior 464,311 tons
    • Commercial Activity YoY, prior -0.9%
    • Retail Sales YoY, est. -3.5%, prior -6.9%
  • The trend outlook in USDCLP remains bearish, and the recovery since December 19 is considered corrective. Initial resistance is at 902.28, the Dec 26 high. A clear break would signal scope for a stronger correction near-term, towards key resistance at 924.67, the Nov 13 high. Overall, key short-term support at 873.00, the Nov 3 low, was recently cleared. The break of this level strengthens a bearish threat and signals scope for a stronger retracement towards 837.45, the Aug 25 low.
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