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Marcel Rhetoric Buoys Chilean Peso At Open, Rises 0.85%

CHILE
  • Chile’s incoming Finance Minister Mario Marcel met with Rodrigo Cerda, the country’s outgoing finance chief, to ensure a smooth transition and reduce uncertainty, Marcel said in a press conference after their conversation Tuesday. Establishing a fiscal base that allows the new government to execute its plans is priority, Marcel told reporters in Santiago. Key headlines included:
    • We will build a sustainable debt trajectory and present a fiscal base for government to carry out the plan. (BBG)
    • President-elect Gabriel Boric has been clear he won’t back more pension withdrawals. (BBG)
    • The current government’s decision to extend salary subsidies was a surprise to us. (BBG)
  • USDCLP is extending its decline, down 0.8% on Wednesday. 788.22, the Nov 10 low has been breached and the next support level is 783.23, the 50.0% retracement of the May - Dec 2021 upleg.
  • Chile starts a round of investor meetings in the U.S. and Europe to sell sustainability-linked bonds.
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