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USDCLP Recovery Reinforces Bullish Conditions

CHILE
  • Greenback strength continues to play out on Tuesday amidst the increase in US yields and ongoing geopolitical tensions, which could keep the peso under pressure. USDCLP closed yesterday’s session at 979.1, the highest since April 2, despite the rise in copper prices over the period. The USDCLP medium-term trend condition remains bullish, with resistance in sight at 990.67, the Feb 26 high. A break of this would confirm a resumption of the uptrend and open 1000.00.
  • On the political front, the government announced a bill yesterday that will aim to support the economy through the construction and execution of public projects. The initiative includes an option for advance payment of as much as 20% of the value of all contracts. The government also proposed changes to a fiscal responsibility bill, including disclosing a public debt-to-GDP anchor for the central government. Finance Minister Marcel said the new package would reinforce transparency.
  • Data wise, the calendar remains empty today, with the focus this week remaining on tomorrow's BCCh minutes.
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