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Snapshot - CLP Continues To Outperform Peers

LATAM

Latest bout of risk off sees broad based Dollar buying. USDMXN and USDBRL bouncing slightly and trimming losses on the day.


USDCLP (Down 1.41%) continues to hug the lows. Aside from economic activity seen expanding in November, flows continue to dominate the price action story, Hacienda announced another 2 Billion is expected to be auctioned for January with their daily maximum of $200 Million USD.

  • Even with a notable shift in risk CLP will still have to battle the Hacienda supply and is likely to outperform LatAm peers. Auction sizes should be monitored to see if the full daily amounts are filled as in late 2020.

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