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USDCLP Remains Under Pressure, Traders Survey Due Tomorrow

CHILE
  • Recent weakness confirmed a resumption of the USDCLP downtrend and maintains the bearish price sequence of lower lows and lower highs. The 800.00 handle has been breached and this opens 771.89, the Mar 29 2022 low. On the upside, initial resistance is seen at 806.34, the 20-day EMA. Key resistance at the 50-day EMA intersects at 834.75.
  • Announced last week, Chile plans to issue $15b in sovereign debt, with $6.8b going to debt amortizations, according to a statement from the Finance Ministry. New debt will be $8.2b.
    • $12b to be issued in local currency and $3b in foreign currencies.
    • Public debt at the end of 2023 would be 68% in local currency, and 32% in foreign currency.
  • In the latest cadem survey, published on Sunday, 94% believe that recent forest fires across south-central Chile that have left 24 people dead are provoked and 63% believe that there are terrorist groups behind them. In addition, 68% consider that the Executive did not make decisions in a timely and adequate manner to deal with the fires and 94% think that the Armed Forces should have collaboration during emergencies as an institutional function.
  • The BCCh Trader’s Survey is the only item on the local calendar this week.
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