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Snapshot: Assets Edge Further Away From Monday's Highs

CHILE
  • Since the huge rally in Chilean assets on Monday, following Sunday's election results, we have seen a slow grind lower across both equity markets and the local currency with additional pressure on Camara swap rates.
  • 2-year Swap rates are now seen higher than last Friday's close above 5.25%. USDCLP has recovered 50% of the gap lower following Monday's open and the IPSA index has fallen around 4.5% from Monday's peak.
  • No further data is due this week, however a slew of releases are scheduled for the middle of next week, including October economic activity. The next BCCh meeting is due December 14.
  • Chile Camara Swaps:
    • 1-yr +12 bps at 5.40%
    • 2-yr +17 bps at 5.30%
    • 5-yr +16 bps at 5.3%
    • 10-yr +18 bps at 5.42%
    • 30-yr +19 bps at 5.8%
  • Chile IPSA Index down 68.42 points (-1.46%) at 4629.24
  • USDCLP up 0.26% at 814.77

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