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USDCLP Rises 1.40% Amid Copper Selloff, Broad Greenback Strength

CHILE
  • Sharp declines for copper futures overnight are significantly weighing on the Chilean peso at Thursday’s open. The hawkish Fed dot plot and the associated greenback strength are providing additional CLP headwinds, which has seen USDCLP narrow the gap once more with the 900 handle, rising 1.40% at typing.
    • Following a quiet week on the local calendar, Friday will see August PPI data as well as the release of the latest BCCh minutes.
  • Tech update: USDCLP maintains a bullish tone following recent gains. A key resistance at 872.75, the Aug 18 high, was cleared earlier this month. The break confirms a resumption of the uptrend and opens $912.67, the 61.8% retracement of the Sep ‘22 - Feb ‘23 bear leg. Key support is at the 50-day EMA - at 858.61. The 20-day EMA lies at 877.44.
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