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USDCLP Gaps lower At Open, Paring Losses Ahead Of Powell

CHILE
  • USDCLP extended further below 800 at the open, initially falling to 790 before gradually paring these losses since. Price action at the open continued from consistent downward pressure on USDCLP which saw a strong 1.5% intra-day reversal amid the rebound in commodities. On the technical front, the bear trigger remains much lower at 776.28, the Feb 3 low.
  • Chile’s Lower House begins voting on tax reform today, with the government expected to have enough votes to achieve the passage of the bill, but it will then likely face more negotiations in the Senate.
  • An additional tailwind for the Peso may have come from Hacienda’s announcement of estimated dollar sales of up to $1b a month for March to June with a maximum daily amount of $100m. Despite the amount being lower than the February amount, the ongoing use of USD sale operations is important to note as none had been sold up to this point in March.
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