Relative Outperformance Remains Evident

Conditions remain favourable for Chile as copper continues its aggressive move higher amid multiple revised forecasts above 10,000 last week from sell-side analysts. The country also continues to outperform in the vaccine space.

• "Chile is motoring ahead in Latin America's vaccine race," said Nikhil Sanghani, an analyst at Capital Economics. "Policy makers at a national and regional level had a clear plan to transport jabs to local distribution centers, and this is being carried out effectively."

Despite broader EM FX selling USDCLP has opened pretty much in line with Friday's close, further highlighting the Peso's resilience.

• To note, Hacienda have just $220 million left of their $2 billion limit for February which if used will be neutralised by BCCh purchases.