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Local Markets Re-Open, EU Trade Deal Upgraded

CHILE
  • The European Union has upgraded its trade ties with Chile as part of a bid to tap the South American country's massive reserves of lithium. Upgrade to 2002 trade deal will see Chile make exports to the EU restrictions-free and narrow the scope of its 'dual pricing policy' for local firms.
  • The Chilean peso continues its strong showing, potentially bolstered by the above estimate CPI and marginally hawkish central bank that failed to open the door to potential interest rate cuts in early 2023. USDCLP has recently breached the bear trigger at 880.85, the Nov 11 low, with the next level of note at 849.75, the Sep 5 low.
  • On Thursday, Fitch Ratings affirmed Chile's Long-Term (LT) Foreign-Currency (FC) and Local-Currency Issuer Default Ratings (IDR) at 'A-' with a Stable Rating Outlook.

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