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SocGen Close Short CLPCOP Trade, Says Further Upside Limited

LATAM FX
  • SocGen are taking profit on their short CLP/COP recommendation, a trade that was initiated in the teams EM Outlook for 2024, published in November last year. The trade reached SocGen’s target of 3.99 and at the current spot rate generates a gain of 15.3%, including carry.
  • SocGen have noted that although they still like the recommendation, they believe the upside is limited at this juncture.
  • Interestingly, Bloomberg have also pointed out that on Tuesday, Citi said it is entering a short 1-month CLPCOP at 4.026, targeting 3.85, in order to hedge USD exposure. The article notes that Citi have cited the volatile external environment and potential risk of more hawkish FOMC dot plot in its decision as it opts for translating their view toward LatAm FX cross exposure, instead of rates outright.
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