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USDCLP Consolidates Within 770-780 Range

CHILE
  • A quiet week for data with second quarter GDP and current account balance the highlights, both due Wednesday. USDCLP spent the latter half of last week consolidating at lower levels, largely respecting a 770-780 range, after selling off from the 796 highs. Particular focus may be placed on upcoming polls as we approach the November election.
    • For reference, right-wing candidate Sebastian Sichel leads race for Chile presidential election with 24% of voter intentions, according to the latest Cadem poll.
  • Chile withdrew $1b from the Economic and Social Stabilization Fund (FEES) on Aug. 11 for budgetary needs, according to Finance Ministry statement.
    • Follows withdrawals of $1.75b in April; $2b in June and $1b in July.

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