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Free AccessState Of Catastrophe Declared, USDCLP Highest Close This Year
- Two people have died amid severe flooding in the central-southern region of Chile on Monday, while thousands of others have been evacuated or left homeless from dangerous rains affecting isolated communities. President Boric declared a state of catastrophe on Monday while visiting one of the worst affected areas. It is the second severest storm to hit south-central Chile following a storm at the end of June that registered the heaviest unseasonal rains in 30 years.
- USDCLP registered the highest close of 2023 on Monday, just above 870.00. Pressure on the Peso was mirrored by the Camara Swaps Curve, which shifted up by 7 to 10bps, in sympathy with the higher UST yields yesterday. With a light economic calendar this week, USDCLP's trading direction will likely be more influenced by global risk sentiment and copper prices.
- However, it's expected to maintain its short-term bullish theme unless there's a significant market shift. The focus remains on 886.62, which represents the 50.0% retracement level of the Sep 26 ‘22 - Feb 3 bear leg.
- BCCh member Pablo Garcia speaks at an annual event organized by the country’s mutual fund industry (2000BST/1500ET).
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.