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Second Day of National Mourning, USDCLP Reaches 15-Month High

CHILE
  • Local headlines continue to be dominated by the devastating effects of forest fires in the country that have prompted a state of emergency and two days of national mourning. Chile’s coroner’s office raised the death toll from the wildfires that swept through the region of Valparaiso to 122 on Monday, according to a post on X. Nearly 15,000 homes have been damaged, according to Ministry of Interior undersecretary Manuel Monsalve.
  • Despite a moderate dip at Tuesday’s open, USDCLP maintains a positive tone following the recent extension of the bull cycle that started Dec 1. The recent rally resulted in a breach of key resistance on Monday at 955.00, the Oct 16 ‘23 high. This confirms a resumption of the medium-term uptrend and opens 962.84 next, the Oct 25 ‘22 low and a gap high on the daily chart. Clearance of this level would open 985.84, the Oct 25 ‘22 high.
  • Data wise, IMCE business confidence for January is scheduled for release this week. The main focus, however, will be on January trade data on Wednesday, followed by the January CPI inflation release on Thursday.
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