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Provoste Wins Presidential Primary, CLP Buoyed By Copper Rebound

CHILE
  • Chilean senate President Yasna Provoste won a presidential primary among the country's traditional centre-left parties on Saturday.
  • USDCLP opening 0.65% lower with the upbeat tone in commodities markets, especially the >2% rally in copper prices. The Provoste candidacy is certainly an extra tailwind for local assets as she will likely garner some of Boric's votes, potentially easing the path to a Sichel victory.
  • Local asset gains may well be capped to the short-term as upcoming elections, the rewriting of the constitution, the growing fiscal deficit and a possible fourth pension withdrawal all provide a significant amount of uncertainty going forward.
  • Additionally, USDCLP technical conditions remain bullish with key support residing at 768.33, Aug 12 low.
  • A very light data week with just PPI due to be released tomorrow may leave local assets at the mercy of potential polling data and broader global developments.
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