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USDCLP Remains Under Pressure, Activity Data Due

CHILE
  • USDCLP continues to hover near recent lows as the central bank’s FX intervention program provides ongoing tailwinds for the Peso. Support at the 20-day EMA has been breached and following yesterday’s move lower, the 50-day EMA is being challenged. The average intersected at 909.46.
    • A clear break of it would end the recent bullish theme and signal scope for a deeper sell-off below 900.00. Initial resistance has been defined at 970.08, the Jul 22 high.
  • Data Today at 1400BST/0900ET:
    • June Chile Copper Production, prior 480,275 tons
    • June Retail Sales YoY, est. -6.1%, prior -5.6%
    • June Manufacturing Production YoY, est. -2.6%, prior 3.5%

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