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Fin Min Marcel Speaks, USDCLP Hits Six-Week Low

CHILE
  • USDCLP reached a six-week low on Monday at 885 as the path of least resistance continues to be south amid the ongoing FX intervention program from the central bank. Regional proxies suggest the peso’s progress may be tested in the short-term as global risk sentiment is dealt a blow, however, overall downward pressure on USDCLP may be unlikely to abate.
  • Finance minister Mario Marcel will speak about the government’s tax reform at a lower house committee at 2000BST/1500ET.
    • Yesterday, the finance minister noted “we have seen a growing normalization in the exchange rate market, which helps the local market and reduces inflationary pressures,” while speaking to reporters.
  • Chilean authorities are investigating a giant sinkhole that opened up over the weekend above an underground copper mine operated by Canada’s Lundin Mining Corp.
    • Lundin doesn’t expect any impact on annual output guidance.
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