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USDCLP Erasing Monday Gains, Awaiting Activity Data

CHILE
  • Lower US yields are supporting the Chilean peso on Tuesday, with USDCLP erasing much of the advance seen to start the week. Price action on Monday saw the pair print a new cycle high at 990.67, further highlighting the bullish trend conditions. Sights are on 996.97, the Sep 2022 high and the psychological 1000.00 handle. Initial firm support lies at 962.71, the 20-day EMA.
  • La Tercera reported that the Treasury has proposed reducing or eliminating seven tax exemptions. At a meeting on Monday, the government explained that approximately 0.15% of GDP would be raised by reducing and eliminating exemptions.
  • The usual flurry of production and retail sales data will cross Thursday before Friday’s release of economic activity for January, where annual growth is expected to improve to 0.0%.
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