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Optimism Across Equity Markets Boost CLP At Open

CHILE
  • USDCLP has gapped lower at Thursday’s open on the back of more optimistic global sentiment following the release of Nvidia earnings and their higher-than-projected revenue forecasts. Broad strength across a variety of major indices is lending support to the emerging market FX basket with the JPM EM Currency Index rising 0.26%.
  • Citi have noted that yesterday’s highs around 970.00 will likely confirm a tactical top in USDCLP, and expect some profit taking, especially into month-end. However, they remain bearish CLP overall and reconfirm their intention to add to long USDCLP positions on dips towards 950. This corroborates the technical outlook, with a bullish theme remaining intact. Initial firm support moves up to 953.87, the 20-day EMA.
  • In local news, US Treasury Secretary Janet Yellen will visit Chile next week in a trip aimed at strengthening ties. While in Santiago, Yellen will meet with counterparts and the private sector “to deepen the bilateral economic relationship between the United States and Chile, with a focus on Chile’s important contribution to the green transition, including its domestic policies to incentivize renewable energy and its role as a supplier of critical minerals”.
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