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Finance Min. Marcel Believes Chile More Attractive To Foreign Investment

CHILE
  • One-year Camara swap rates were seen around 15bps higher on Tuesday, largely reflecting the upward pressure on US yields. The Chilean peso has also been trading on the back foot this week with USDCLP edging back above the 800 mark and breaching initial resistance at the 20-day exponential moving average. A sustained break of this level may threaten a move to key resistance at the 50-day EMA at 825.01.
  • Worth noting Hacienda sold $100m on Tuesday and have sold $1.724B of the estimated $2B in February announced as part of its USD sale operations.
  • Finance Minister Mario Marcel said on Tuesday that domestic developments are making the country a more attractive destination for foreign investment, responding to a question about a Bloomberg News story.
  • Marcel stated the Government has made large effort to stabilize local economy and reduce uncertainty. Economists and investors are recognizing that Chile is a good place to invest which should in turn lower local financing costs, according to the finance minister.
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