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USDCLP Back Below 800, One-Yr Camara Swap Rates Above 8.25%

CHILE
  • USDCLP extends lower in early trade, breaching the 800 mark once again. A very strong session for the Peso yesterday following the bounce in global equity benchmarks, all the while underpinned by ascending copper prices.
    • Camara swap rates continue to shift higher, with one-year yields now above 8.25% and nearly 125 basis points higher than prior to the January CPI release.
  • Last night Constitutional Assembly approved with a quorum of 2/3 of the constituents 14 of 16 norms coming from the Justice Systems Commission. Among these is legal pluralism, which in practice would allow indigenous communities to create their own conflict resolution systems. Two regulations on the tenure of judges and execution of resolutions did not reach two thirds and will return to commission. (Bloomberg)
  • The rally in the Chilean peso “has gone too far” and the currency is now underpricing risks imposed by the ongoing constitutional process, as well as external headwinds tied to the Federal Reserve tightening outlook, according to Credit Agricole.
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