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CHILE: USDCLP Bear Cycle Remains in Play, Dominga Project Given Lifeline

CHILE
BulletEM BulletEmerging Market News
  • The Chilean peso declined for a second consecutive session on Tuesday, as the substantial rally over the last month has lost some momentum. Given the severity of the move, initial firm resistance is seen at 976.18, the 50-day EMA.
  • A slightly firmer Chinese Yuan and an uptick for copper prices might provide a moderate CLP boost on Wednesday, offsetting the slight upward pressure for broad dollar indices. FOMC minutes and Trump headlines will be key in determining broader market sentiment, while the domestic data calendar remains very light, with just PPI figures due Friday.
  • Dominga Project: On Tuesday, a controversial iron ore project in Chile was given a possible reprieve after an environmental tribunal ordered a ministerial committee to hold another vote on whether it should proceed, according to court documents. Bloomberg note it’s the latest twist in more than a decade of legal and regulatory deliberation over a $3 billion investment that’s pitted environmental protection against economic growth.
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  • The Chilean peso declined for a second consecutive session on Tuesday, as the substantial rally over the last month has lost some momentum. Given the severity of the move, initial firm resistance is seen at 976.18, the 50-day EMA.
  • A slightly firmer Chinese Yuan and an uptick for copper prices might provide a moderate CLP boost on Wednesday, offsetting the slight upward pressure for broad dollar indices. FOMC minutes and Trump headlines will be key in determining broader market sentiment, while the domestic data calendar remains very light, with just PPI figures due Friday.
  • Dominga Project: On Tuesday, a controversial iron ore project in Chile was given a possible reprieve after an environmental tribunal ordered a ministerial committee to hold another vote on whether it should proceed, according to court documents. Bloomberg note it’s the latest twist in more than a decade of legal and regulatory deliberation over a $3 billion investment that’s pitted environmental protection against economic growth.