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USDCLP Erases Early Strength Following Data, Economic Activity Tomorrow

CHILE
  • A set of stronger data this morning has helped the Chilean peso recover from an early bout of weakness following today’s open. USDCLP had risen above 874 amid the firmer greenback but has since declined back to unchanged. Most recent price action has strengthened a bearish threat and signals scope for a deeper retracement towards 837.45, the Aug 25 low. There will be more focus on Friday’s economic activity data (Imacec) where growth is expected to rise to 0.4% Y/y.
  • Central Bank Vice President Pablo Garcia presented the Q2 Financial Stability Report earlier today. The presentation (Spanish only) link is here: https://www.bcentral.cl/documents/33528/133214/pgs-30112023.pdf/0b3847e3-3844-b327-376d-689f833e4a73?t=1701349153197

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