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Increased Hacienda USD Supply Adds Tailwind For Peso

CHILE
  • On Tuesday, Chile’s finance ministry announced an increase of USD sales for February to $2 billion. The announcement stated that February auctions will run with a daily maximum of US$150 million.
  • A total of $490 million were sold in January of the $500 million max that was announced. The increase for February prompted a sizeable 1% reaction in USDCLP following the announcement, with the pair sinking back below the 800 handle, marking the lowest print since April 2022.
  • USDCLP has opened lower once again on Wednesday amid a weaker greenback and the more resilient economic activity data released this morning. The more gradual adjustment in the data bolsters the most recent rhetoric from the central bank that monetary policy may remain tight for longer than policymakers initially planned.
    • Fresh cycle lows for USDCLP have confirmed a resumption of the downtrend and maintain the bearish price sequence of lower lows and lower highs. The continuation lower exposes 788.95, the Apr 6 low. Below here, 771.89 will come into focus, the 2022 low.
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