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Local and Chinese Data Prompting Initial CLP Strength

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  • Better-than-expected growth figures and a more positive global backdrop are underpinning strength in the Chilean peso at the open. USDCLP has fallen to 818 as of writing and is down 1.20%. The 20-day EMA, at 809.22, is the first support to watch.
  • Economic activity (a proxy for GDP) unexpectedly rose for the second straight month on gains in services and mining, adding to evidence that the slowdown in one of Latin America’s richest nations may be less severe than originally thought. The central bank will publish the official fourth-quarter GDP report on March 20.
  • President Gabriel Boric named Ricardo Alvarez and Eduardo Bitran as new directors of Codelco, the country’s state-owned copper supplier, according to a government statement.
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  • Better-than-expected growth figures and a more positive global backdrop are underpinning strength in the Chilean peso at the open. USDCLP has fallen to 818 as of writing and is down 1.20%. The 20-day EMA, at 809.22, is the first support to watch.
  • Economic activity (a proxy for GDP) unexpectedly rose for the second straight month on gains in services and mining, adding to evidence that the slowdown in one of Latin America’s richest nations may be less severe than originally thought. The central bank will publish the official fourth-quarter GDP report on March 20.
  • President Gabriel Boric named Ricardo Alvarez and Eduardo Bitran as new directors of Codelco, the country’s state-owned copper supplier, according to a government statement.