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Local Markets Reopen Following Assumption Day Holiday

CHILE
  • USDCLP has pierced support last week through 884.75, Aug 1 low. A clear break would confirm a continuation of the current bear leg and open 853.40, the Jun 15 low.
    • The firmer dollar, weaker copper prices and minor pressure on regional FX peers may prompt a slightly higher open for USDCLP as local markets reopen following the assumption day holiday.
  • In the latest Cadem Survey, eight points separate rejection (46%, -1pt) from approval (38%, +1pt), while 16% remain undecided.
  • If this result continues, 45% would approve the new text and 55% would reject it, where the narrowest scenario could be 48% versus 52%, considering the margins of error.

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