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Peso Outperforming, Buoyed By Copper

CHILE
  • The Chilean peso is outperforming today, currently 1.3% stronger against the dollar, buoyed by the 1% rally in copper prices. Having breached an important support at 935.63, the Mar 15 low, this week, USDCLP has dipped to around 926, narrowing the gap again to the next downside target of 922.80 initially, a Fibonacci retracement.
  • On the data front, attention turns to tomorrow’s BCCh economist survey. The equivalent trader’s survey follows next week, ahead of the May 23 MPC meeting. Following this week’s stronger than expected April CPI inflation data, many analysts expect the central bank to further reduce its easing pace to 50bp later this month.
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