MNI BRIEF: German Insolvencies Slowed In June, Outlook Uncertain - IWH

MNI: PBOC Conducts CNY2 Bln Via OMO Tues; Liquidity Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS TUES

MNI BOK WATCH: Slowing Inflation Puts Q4 Cut In Sight

MNI: PBOC Sets Yuan Parity Higher At 7.1310 Tues; -0.50% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1310 TUES VS 7.1286

Asia Sov Curves Bull-Steepen, Indon To Reduce Bond Issuance

MNI: UK BRC JUN BY VALUE SHOP SALES LFL -0.5% YY, TOTAL -0.2% YY

BRC-KPMG Retail Sales Fell For The First Time (ex Easter Anomaly) Since Jun-22

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Peso Continues To Outperform Regional Peers

CHILE
BulletEM BulletEmerging Market NewsHomepage
  • The Chilean peso traded with a moderate upward bias on Monday, extending its outperformance seen over the past week. Copper prices surging to the best level in two years have aided the CLP recovery, although front month futures have dipped around 1.5% on Tuesday. The metal has surged in recent weeks on investor optimism over a recovery in global manufacturing, the prospect of tightening mine supplies and pricing in the medium-term story of energy transition.
  • USDCLP support to watch lies at 935.63, the Mar 15 low. A clear break of this level would highlight a stronger reversal and signal scope for an extension towards 922.80 initially, 50.0% of the Dec 1 ‘23 - Feb 26 bull leg.
  • As a reminder, Chile’s central bank President Rosanna Costa said plans to extend the easing cycle remain intact but highlighted increased caution in the bank’s scenarios and projections. The next BCCh meeting falls on May 23 where consensus leans towards a 50bp cut. March PPI figures are the only data this week.
  • Elsewhere, Chile recorded a 6% reduction in homicides in 2023 following a surge the year prior, giving President Gabriel Boric and his administration a welcome boost in its struggle against crime.
197 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • The Chilean peso traded with a moderate upward bias on Monday, extending its outperformance seen over the past week. Copper prices surging to the best level in two years have aided the CLP recovery, although front month futures have dipped around 1.5% on Tuesday. The metal has surged in recent weeks on investor optimism over a recovery in global manufacturing, the prospect of tightening mine supplies and pricing in the medium-term story of energy transition.
  • USDCLP support to watch lies at 935.63, the Mar 15 low. A clear break of this level would highlight a stronger reversal and signal scope for an extension towards 922.80 initially, 50.0% of the Dec 1 ‘23 - Feb 26 bull leg.
  • As a reminder, Chile’s central bank President Rosanna Costa said plans to extend the easing cycle remain intact but highlighted increased caution in the bank’s scenarios and projections. The next BCCh meeting falls on May 23 where consensus leans towards a 50bp cut. March PPI figures are the only data this week.
  • Elsewhere, Chile recorded a 6% reduction in homicides in 2023 following a surge the year prior, giving President Gabriel Boric and his administration a welcome boost in its struggle against crime.