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Peso Rises 1.3% From Open, BCCh Meeting Next Week

CHILE
  • With global equity indices stabilising, the Chilean Peso is making solid 1.3% gains in early trade and outperforms within the region.
    • Supporting the most recent bounce for USDCLP is the fact the pair matched the June 2022 lows and a key support just below 808 on Wednesday.
    • Furthermore, there remains several potential fundamental headwinds in Chile as indicated by the yesterday’s Fitch report highlighting the political uncertainty surrounding the second constitutional re-write that may weigh on the economic outlook.
    • However, the overall technical outlook remains bearish for the pair. Recent trend lows have confirmed, once again, a resumption of the downtrend and maintenance of the bearish price sequence of lower lows and lower highs. The continuation lower signals scope for another test of 807.85, the Jun 3 low and then the 800.00 handle.
  • On Monday, markets will see the results of the latest BCCh traders survey before the central bank meeting/decision on January 26.
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