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CHILE: USDCLP Extends Lower, BCCh Traders Survey Tomorrow

CHILE
BulletEM BulletEmerging Market News
  • Further progress has been seen for the Chilean peso on Thursday, as yesterday’s post BCCh minutes bid remains prominent. As such, USDCLP sits 0.3% lower on the session, and the pair remains in a bear-mode condition.
  • The clear break of the 50-day EMA recently highlighted the potential for a deeper retracement, which has played out well across early February. Note too that the pair also gained momentum to the downside on a break of 966.86, the Dec 6 low.
  • This reinforces current bearish conditions and opens 940.35, the 61.8% retracement of the upleg between Sep 27 ‘24 - Jan 3.
  • We noted yesterday that despite the hawkish lean from the BCCh, Santander commented on the most recent developments for two-year inflation expectations as diminishing the likelihood of the central bank needing to hike rates. The BCCh traders survey results are due for publication tomorrow.
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  • Further progress has been seen for the Chilean peso on Thursday, as yesterday’s post BCCh minutes bid remains prominent. As such, USDCLP sits 0.3% lower on the session, and the pair remains in a bear-mode condition.
  • The clear break of the 50-day EMA recently highlighted the potential for a deeper retracement, which has played out well across early February. Note too that the pair also gained momentum to the downside on a break of 966.86, the Dec 6 low.
  • This reinforces current bearish conditions and opens 940.35, the 61.8% retracement of the upleg between Sep 27 ‘24 - Jan 3.
  • We noted yesterday that despite the hawkish lean from the BCCh, Santander commented on the most recent developments for two-year inflation expectations as diminishing the likelihood of the central bank needing to hike rates. The BCCh traders survey results are due for publication tomorrow.