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Hacienda Supply Keeps CLP Buoyed, 693 Support Level In Focus

CHILE
  • Continued focus on the largest month of Hacienda dollar supply ($3 billion for Aril) acting as a constant headwind for USDCLP. Some desks have noted anxieties over what feels like a particularly consensus trade now, given the renewed focus on copper and reflation themes. The 2021 lows at 693 will be a particular focus for markets, especially as political noise ramps up surrounding the voting on a potential third pension withdrawal.
  • Today, Chilean Congress' lower house votes from 10am local time on a wealth tax.

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