MNI BRIEF: China State Planner To Increase Trade-in Support

MNI China Daily Summary: Thursday, July 25

MNI BRIEF: Japan Govt Keeps Econ View, Cuts Exports

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CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

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Aircraft-Led Durables Collapse Masks Rebound In Core Orders

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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USDCLP Extends Intra-Day Advance To 1.8%

CHILE
  • BCCh President Costa’s remarks concerning Chile’s inflation being closer to target and CPI expectations being anchored appear to be bolstering the case for the central bank maintaining its aggressive easing stance at the upcoming April meeting. While the latest central bank survey of economists now sees a 75bp cut as the most likely option, BCCh confidence around the inflation trajectory is likely weighing on the peso on Tuesday.
  • Furthermore, the renewed greenback strength and the 1.2% decline for copper futures is likely providing additional tailwinds for USDCLP, whose medium-term trend conditions remain bullish.
  • Attention is on support around the 50-day EMA, at 947.62, which was recently pierced. A clear break of it would signal slope for a deeper retracement, towards 922.80, the 50.0% retracement of the Dec 1 - Feb 26 rally. Initial resistance is seen at 960.23, the 20-day EMA. The pair is well off its recent lows, and a clear break of the 20-day average would be a bullish development and open the bull trigger at 990.67, the Feb 26 high.
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