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Piñera's Pandora Paper Woes May Weigh Further On The Right

CHILE
  • President Sebastian Pinera told reporters Monday that the 2010 sale of his stake in a mining project, highlighted in the Pandora papers, was made without his knowledge. Pinera said that before assuming his first term as president, he had distanced himself from management of family investments and would not have been informed or consulted.
  • Despite the President's pledge of innocence, the document leak comes at a crucial juncture for Chilean politics as we approach the November election.
  • Both candidates Sebastian Sichel and Jose Antonio Kast attempted to disassociate themselves from the reports, with both supporting an investigation into the matter.
  • For reference, candidate Sichel has significantly fallen in the polls over the past two months, dropping a full 12 points according to Cadem, with Gabriel Boric maintaining his accolade as front-runner.
  • The Chilean peso is underperforming its regional peers on Tuesday, dropping 0.5% since opening. USDCLP technical bullish price sequences continue and the immediate focus is on 8.1617 before 825.13, Jun 19 high.
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