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Peso Underpinned By Softer Greenback, Firmer Copper

CHILE
  • Copper futures are rising for the third consecutive session on Thursday with prices now above $4.10 per pound. Price action is underpinning the most recent strength for the Chilean peso with the softer greenback providing an additional CLP tailwind. There are no domestic data releases this week or next, placing the BCCh minutes on April 20 as the next risk event of note.
  • Today, the Chilean Treasury will sell 550B pesos in local currency bonds due 2033 and 2050, and 14m UF in CPI-indexed bonds maturing in 2033 and 2050.
  • Itaú on the most recent approval of the weekly working hours reduction: "The approved version of the bill allows for averaging out the hours worked per week over an entire month, with weekly caps of 50, and is to be implemented in a 5-year horizon. While the reform was watered down materially during the legislative process, its approval was part of the administration’s campaign promises. All eyes will now focus on the minimum wage discussion, as the Government should send the bill by the end of the month."
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