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USDCLP Outperforms Following Holiday, Copper Weakness

CHILE
  • Bloomberg reports that Chile’s Finance Ministry made a net contribution of $304mn to the Pension Reserve Fund last month. Contributions were $607mn last month, while $304mn was withdrawn. Total assets were $9.1bn at month-end, or 2.8% of GDP.
  • Meanwhile, CLP is underperforming today, after the market reopened from the Indigenous’ Peoples Day holiday yesterday, undermined by a 2% fall in copper prices and the firmer greenback this week. USDCLP is up by 0.6% at ~938, with technical scope seen for a climb towards 948.30, 61.8% of the bear leg between Apr 16 and May 20.
  • In terms of data, just PPI data next Monday before markets wait for May activity figures later in the week.

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