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Strong 1.5% Reversal Lower For USDCLP

CHILE
  • There has been a strong turnaround for USDCLP throughout Monday’s session. After opening around 1% higher at 810, the pair has slowly been grinding lower throughout the course of the trading session and is extending lows below 800 as of writing, now down 0.5%.
  • The weaker greenback and more buoyant major equity indices have aided the peso recovery but central bank president Rosanna Costa may have provided an additional tailwind.
  • Costa indicated that recent data shows that inflation slowdown toward 3% target has yet to be consolidated and that the key interest rate will remain on hold until that happens.
  • Furthermore, Costa cited that there have been surprises in both inflation and growth and that the economy has adjusted less than forecast.
  • As well as supporting the peso, the hawkish rhetoric has seen pressure on the front-end of the Camara swaps curve with one-year swap rates rising 3bps and the curve further inverting. As noted, the USDCLP bear trigger lies at 776.28, the Feb 3 low.
  • In latest local news, the state of Chile will retain ownership of all lithium assets, granting concessions to companies to exploit the reserves, Mining Minister Marcela Hernando said in an interview with radio Cooperativa.
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