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USDCLP Falls 0.95%, Quiet Local Docket This Week

CHILE
  • Despite briefly rising above last Friday’s high on the open, USDCLP was unable to make a test of the most recent cycle high at 978.00 and has since reverted lower. The pair now sits down 0.95% on the session, with the peso significantly outperforming regional peers.
  • However, price action is considered corrective following a resumption of the medium-term uptrend last week, with the topside focus on 985.84 next, the Oct 25 ‘22 high. Initial firm support moves up to 949.04, the 20-day EMA. PPI data for January is the only release on the local docket.
  • An article from Bloomberg worth flagging that notes bond sales in Chile may hit a record high this year as companies face mounting debt falling due just as interest rates fall and economic growth picks up, according to the country’s largest bond underwriter. (BBG)

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