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Trade & Inflation Data In Focus This Week, Boric Approval Rises

CHILE
  • October trade balance data is expected to show a similar surplus compared to the prior month of around $950m. In similar vein, annual CPI for October is expected to remain steady at 5.1% Y/y on Wednesday.
  • In the latest Cadem Survey, President Boric's approval rises to 37% (+4pts) and reaches its highest level since September 2022, without considering the public account week, in June of this year, which had a temporary positive effect. In addition, for the first time it is higher than the approval of former presidents Piñera and Bachelet, comparing the same evaluation week. Regarding the constitutional process, 35% (+1pt) say they would vote in favor of the new Constitution in December and 50% (-1pt) would reject it. 15% do not know or do not respond.
  • A corrective cycle remains in play for USDCLP and this has resulted in an extension lower last week amid he broader greenback weakness and optimism for regional currencies. The pair has traded below both the 20- and 50-day EMAs. The Sep 20 low and a key support at 878.00 was pierced on Friday and a sustained break of this level would open 862.38, the Sep 5 low. On the upside, initial resistance is at 911.84, the 20-day EMA.

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