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Fresh Cycle Highs For USDCLP, Rises 0.85%

CHILE
  • Standing out as the EM underperformer on Tuesday is the Chilean peso which sees USDCLP briefly trade to fresh cycle highs above 927 in recent trade. Despite the late positive sentiment across global markets on Monday and the more optimistic tone for regional FX peers the Chilean peso has been unfazed following yesterday’s local holiday.
  • USDCLP moving average studies are in a bull-mode position and a positive price sequence of higher highs and higher lows remains intact. Having now pierced 926.51, the Nov 28 high, scope is seen for a climb towards 944.89, the 76.4% retracement of the Sep 26 2022 - Feb 3 bear leg. Initial support at the 20-day EMA moves up to 901.27.
  • As a reminder, last week’s September CPI came in modestly above the median surveyed estimate, however, analysts have noted it was driven by volatile components which is unlikely to derail the central bank’s expected 75bp easing pace for the remainder of 2023. The BCCh will release its latest economist survey of expectations tomorrow, which is the only notable release for the rest of the week.
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