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Risk/Copper Sentiment May Pressure Peso Despite VAT Reduction

CHILE
  • The Chilean Peso rallied yesterday, despite disappointing GDP data and lingering political uncertainty following the weekend elections. Analysts have noted that domestic demand should continue to benefit from low interest rates and high public-sector spending. Pressure on equities and the price of copper may add headwinds for the peso in today's session
    • The gap low of 706.45, May 14 high is a firm short-term support.
  • The major news yesterday was the lower house rejection of the proposed one-off wealth tax. An increase in corporate rate tax to 30% from 27% also failed to pass.
  • Legislators, however, did approve a cut of the value-added tax (VAT) from 19% to 4% for essential products such as milk, bread and vegetables, and from 19% to 10% for fuels, health products and hotels, until end-2022.
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EM BulletHomepageChina Market NewsBulletEmerging Market News

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