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Peso Significantly Underperforming Following NDF Announcement, Declines 1.8%

CLP
  • USDCLP has risen just under 2% since the open with the focus on the central bank’s announcement late last week that they will gradually reduce the FX forwards operations. Itaú noted that “while the daily amounts were in line with our expectations, as they are consistent with the unwinding of the previous NDF program in Jan-20, the announcement comes earlier than expected since current guidance suggested rollovers would continue until early June.”
  • Tech update: In late March USDCLP briefly traded below 789.00, the Mar 7 low, before finding support at 783.10, on Mar 31. Price remains above 783.10 and pair is firmer today, starting the week on a firmer note. A stronger resumption of gains would refocus attention on key short-term resistance at 837.15, the Mar 17 high. A break of this level would be a bullish development. On the downside, the key bear trigger lies at 776.28, the Feb 3 low.
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