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Sharp Reversal Higher For USDCLP Despite BCCh Action

CHILE
  • An extremely sharp reversal for USDCLP throughout yesterday's session, rising from a low of 806.63 at the open to close above 8.2552. The Peso weakness in the face of the 125bp hike as well as the halting of the dollar reserves accumulation program emphasises that bullish conditions remain intact.
    • The 20-day EMA held as firm support yesterday and given the retracement, the focus remains on 834.36, 76.4% of the Mar 2020 - May 2021 downleg.
  • With the political situation remaining a firm drag on local assets, details of the opposition legislators' move to impeach President Sebastian Pinera may be impacting markets.
    • Earlier this week government spokesperson Jaime Bellolio commented that "this is a baseless accusation", only seeking "to weigh on the elections". He added that the accusation is doomed to fail as an impeachment can only include events that happened during the current presidential period.
    • Aside from the news surrounding President Pinera, polling data for the November elections will remain in focus as well as the developments of the fourth pension fund withdrawal bill in Congress.
  • Presidential candidates Gabriel Boric, José Antonio Kast, Sebastián Sichel, Yasna Provoste, Marco Enríquez-Ominami and Eduardo Artés are currently participating in a presidential debate organized by Archi.
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