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Greenback Weakness Takes Charge As USDCLP Slides Into The Red

CHILE
  • With USD indices extending intra-day losses to 1% and the latest bounce in equities, LatAm FX has stabilised and the Chilean peso is showing clear outperformance after a negative open.
  • Today’s BCCh economist survey shows expectations for a hold at both the April and May central bank meetings. Furthermore, the 2023 year-end rate forecast was raised to 8.00% vs 7.50% last survey, according to the latest monthly survey. Markets continuing to price out significant short-term rate cuts and the bounce in copper are acting as CLP tailwinds to end the week.
  • The domestic economic data calendar has no major releases next week.
  • As noted, the USDCLP outlook remains bearish and further weakness would expose support and the bear trigger at 776.28, the Mar 2 low. Clearance of this level would confirm a resumption of the broader downtrend and this would open 771.89, the Mar 29 2022 low.
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