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USDCLP Extends Move Higher, Producer Price Pressures Build

CHILE
  • The recent underperformance of the Chilean peso has continued on the open Friday, as lower copper prices and a firmer greenback weigh on the currency. USDCLP is extending the bounce seen this week, advancing a further 0.6% on the session at the time of writing. Price action extends the bounce from last Friday’s lows to 4.6%.
  • USDCLP medium-term trend conditions remain bullish and the strong recovery from last week’s low is a positive development. Attention is on the resistance and bull trigger at 990.67, the Feb 26 high. A break of this hurdle would confirm a resumption of the uptrend and open 1000.00. On the downside, initial support is around the 50-day EMA at 951.14.
  • On the data front earlier, producer prices rose by 2.9% m/m in February, vs. +0.8% previously, lifting the annual rate to 6.4% y/y, from 1.2%. No further data are due today, with attention turning to monthly data for February next Thursday.
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