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USDCLP Rises 1.5% Amid Weaker Local Data and Faltering US Equities

CHILE
  • The Chilean peso extended early declines Monday and is currently one of the worst performing currencies globally as a surge in oil prices undermines the outlook for the country’s terms of trade. Weaker than expected economic activity data has also provided an additional CLP headwind, potentially bolstering the argument for a dovish tilt to tomorrow’s BCCh statement.
  • For USDCLP, initial firm resistance is seen at 813.84, the 50-day EMA.
  • On the downside, a clear break of the Mar 7 low at 789.00 would strengthen a bearish theme and expose key support at 776.28, the Feb 3 low. Clearance of this level would resume the medium-term downtrend and open 771.89, the Mar 29 low.

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