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USDCLP Pullback Considered Corrective, BCCh Meet Next Week

CHILE
  • Despite the higher US yields, firmer copper prices may offset the effect on the Chilean peso at the open. The central bank comments on monitoring the developments for CLP contributed to a very swift Peso bounce across Tuesday session and at yesterday’s open. However, with the technical trend remaining bullish, dips are continued to be considered corrective and USDCLP rose back to around 943 at Wednesday’s close.
  • There are no tier one data points until the central bank decision on Oct 26, where the BCCh are expected to deliver another 75bp rate cut.
  • Advancing on an overhaul of Chile’s pension system is key for long term stability in the South American country and boosting investor sentiment, Andres Trivelli, chief executive officer of LarrainVial Corredora de Bolsa SA, said in an interview with Bloomberg TV. (BBG)
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