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Santiago Restrictions To Be Eased, USDCLP Lowest Since 2019

CHILE

The main news over the break, though largely expected, was the BCCh authorisation of the use of CLP in cross-border operations. This removes barriers for offshore to interact with local market players, and is expected to stimulate greater competitiveness and efficiency in local market.


Economic Activity for Nov came in slightly lower on the month (1.1% vs 2.0% expected) with the annual figure marginally higher at 0.3%.


USDCLP is opening lower and is now breaking the most recent lows at 7.0555 matching up with some lows from late 2019. Our analyst notes 702.06 - 76.4% retracement of the Feb 2019 - Mar 2020 rally.


Local news: Today, Chile will ease Santiago Covid-19 restrictions after almost a month of weekend quarantines.

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