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USDCLP Extending Session Highs, Rises 2.2%

CHILE
  • USDCLP is extending gains on Wednesday, rising over 2% to trade just shy of 820 as of writing. The greenback continues to benefit from the flight to quality across global markets, providing a pessimistic backdrop for emerging market assets.
    • Key resistance has been defined at 836.45, the Feb 27 high, where a break is required to reinstate a bullish theme and highlight scope for a stronger recovery.
  • Earlier this week, President Gabriel Boric said in an interview with local TV station that the Finance Ministry will lead talks to improve government’s tax reform proposal with headlines noting that there will be political discussions around proposal, and the government wants to move quickly.
    • On Tuesday, the administration opened the door to further modifications of proposed tax increases on copper producers in a move that may ease concerns that threatened to delay investment in the industry.
    • The government — which suffered a major blow last week with the rejection of a broad tax reform bill — is now willing to study fresh changes to a separate mining bill, Finance Minister Mario Marcel told reporters in Santiago.
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