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Significant Pullback For USDCLP, July PPI Data Due

CHILE
  • The Chilean peso had an impressive 1.5% recovery on Wednesday as lower US yields, firmer copper futures and broad optimism across global equity benchmarks all provided firm tailwinds for emerging market currencies. USDCLP closed around 856, significantly narrowing the gap with initial support at the 20-day EMA which now intersects around 853.50.
  • Ongoing developments surrounding the heavy rains and associated flooding continue to dominate the local headlines. In particular, landslides placed some luxury apartment complexes in danger of collapse, highlighting the current state of catastrophe that was announced earlier this week by President Boric.
  • July PPI headlines a quiet docket this week, the June reading came in at +0.6% M/m. Data is due at 1400BST/0900ET.
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