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Three-Year Anniversary Of Social Unrest, USDCLP Extends Advance

CHILE
  • USDCLP has recently cleared resistance at 955.10, Aug 22 high and in the process bullish conditions have strengthened and, signalling scope for 1000.00 and 1061.00 further out, the Jul 14 high.
  • Protests are anticipated in Chile for the three-year anniversary of a social uprising.
  • On Monday, the central bank published a presentation to investors in Washington:
  • President Rosanna Costa indicated the economy will begin to contract in annual terms “from the end of Q3 2022” and continue to do so in 2023. She added the “activity gap” will be negative for several quarters, helping to reduce inflation to the 3% target within two years.
    • Core inflation rate will decline more slowly and show more persistence.
  • Costa reiterates that key rate has reached its maximum level and that “it will remain there for as long as necessary to ensure the convergence of inflation to the target over the two-year policy horizon”.
  • On the currency the BCCh reiterated it does not target any specific level for exchange rate and Costa failed to rule out that “the volatility of the foreign exchange market will remain at higher levels than usual in previous years, although certainly below the peaks reached during this year’s most stressful moments.”
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