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CHILE: Leading Presidential Candidate Matthei Endorsed By Centre-Right Party

CHILE
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  • USDCLP has risen further in early trade on Monday, after the pair rose by 0.5% to around 1013 on Friday, following the strong US labour market data. A bull cycle in USDCLP remains in play, with sights on 1020.18 next and 1026.48, the 1.236 and 1.382 projection points of the Nov 7 - 12 - Dec 6 price swing. Initial support is at the 20-day EMA at 998.71.
  • On the data front, this week’s calendar is light, with focus ahead on the Jan 28 BCCh monetary policy meeting. Last week’s central bank economist and traders surveys showed that analysts and market participants expect the BCCh to remain on hold this month as well as at the subsequent MPC meeting in March, as the policy rate approaches its neutral level. With the central bank adopting a more cautious tone amid near-term inflation risks, the policy rate is seen falling gradually to around 4.50% over the course of this year.
  • In other news, Evelyn Matthei was officially declared the presidential candidate for the centre-right National Renovation Party, according to a post on X over the weekend. Matthei, a former senator and minister of labour in the government of Sebastián Piñera, is leading the polls for the presidential election, which is due to be held on Nov 16 this year.
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  • USDCLP has risen further in early trade on Monday, after the pair rose by 0.5% to around 1013 on Friday, following the strong US labour market data. A bull cycle in USDCLP remains in play, with sights on 1020.18 next and 1026.48, the 1.236 and 1.382 projection points of the Nov 7 - 12 - Dec 6 price swing. Initial support is at the 20-day EMA at 998.71.
  • On the data front, this week’s calendar is light, with focus ahead on the Jan 28 BCCh monetary policy meeting. Last week’s central bank economist and traders surveys showed that analysts and market participants expect the BCCh to remain on hold this month as well as at the subsequent MPC meeting in March, as the policy rate approaches its neutral level. With the central bank adopting a more cautious tone amid near-term inflation risks, the policy rate is seen falling gradually to around 4.50% over the course of this year.
  • In other news, Evelyn Matthei was officially declared the presidential candidate for the centre-right National Renovation Party, according to a post on X over the weekend. Matthei, a former senator and minister of labour in the government of Sebastián Piñera, is leading the polls for the presidential election, which is due to be held on Nov 16 this year.