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USDCLP Remains Under Pressure, Approaches Initial Support

CHILE
  • Finance Minister Mario Marcel, talking at an event in Santiago on Tuesday, said that economic activity data is set to improve and that investment is set to continue as inflation slows. The finance minister also made remarks that the current account gap will narrow to historical levels by end of the year, which combined with the broad greenback weakness, may be assisting the latest leg higher for the Chilean peso.
  • USDCLP is trading lower but remains above initial support at the Mar 7 low of 789.00 - for now. On the downside, a break of 776.28, the Feb 3 low, would resume the medium-term downtrend.

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