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USDCLP Narrows Gap To Key Short-Term Resistance

CHILE
  • USDCLP rose by 1.15% yesterday to close at 952.48, as the peso remained under pressure from a further slide in copper prices. Attention is on key short-term resistance and a bull trigger at 956.73, the Jun 27 high, which has been pierced. A clear break of this level would open 964.03, 76.4% of the Jun 14 - May 20 downleg.
  • Data wise, IMCE business confidence for July is due for release sometime in the coming days, possibly today. Looking ahead, July trade data are due next Wednesday, while on Thursday CPI figures for July will be published, with analysts currently expecting a 0.7% m/m rebound in prices after a 0.1% decline in June.
  • Yesterday’s 0.3% m/m rise in economic activity in June was the first increase since February. However, the much weaker-than-expected annual growth print was driven by a 0.7% y/y decline in non-mining activity. Itaú notes that although this was mainly due to transitory factors it should be viewed in the light of the overall loss of momentum during 2Q.
    • The weak data followed BCCh’s decision to pause its easing cycle this week. For a full MNI review of that meeting see here.
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