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USDCLP Extends Corrective Cycle Lower

CHILE
  • A 7.2% annual inflation reading and a deterioration in technical conditions contributed to a strong performance last week for the Chilean peso. With a corrective cycle playing out, the clear break of the 50-day EMA suggests scope for a deeper pullback, opening 818.65, the Dec 1 low.
  • Chile president-elect Gabriel Boric and his economic adviser Nicolas Grau met on Friday with members of the board of the central bank, according to videos and images shared by his communications team via message.
    • Nicolas Grau, 38, has been part of Boric’s inner circle and may be closest to him of all the candidates. He advised Boric on economic issues when he was preparing for the first televised debates for the July primaries. Grau could be a likely candidate for an important cabinet position.
    • Markets are expecting announcements relating to the cabinet from the president-elect on January 20.
  • Chile will start administering a second Covid-19 booster shot to people with underlying conditions.
  • Chile's Leftist Leader Is Red Flag for EV Sector -- Barron's
    • The world needs a lot more copper and lithium for those electric vehicles we are all supposed to be driving soon. So, it's an awkward time for the dominant copper-producing nation, and No. 2 in lithium, to lurch leftward politically.
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