May 29, 2024 16:05 GMT
Marcel Expects Significant Rise In Private Investment Next Year
CHILE
- In comments at the Chile Day event in Toronto today, Finance Minister Marcel said that he expects to see a significant rise in private investment in Chile next year, driven by an increase in mining investment. He noted that the private investment pipeline for the country through 2027 had risen by nearly $20bn over the past year.
- On the FX, Marcel said that the overall rise in the copper price was giving strong support to the peso and that as a result, this year’s downward pressure on the currency was easing. He sees scope for CLP gains once Fed rate cuts become more likely. Meanwhile, he said that the government will continue to open markets for exports, and he expects sovereign risk to drop if the government’s reforms are successful.
- The Chilean peso remains one of the worst performing currencies on Wednesday amid the lower copper and equity prices, as well as the continued move higher for long-end core yields. Initial key short-term resistance has been defined at 914.59, the 20-day EMA.
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