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USDCLP Rises Back To Fresh Session Highs

CHILE
  • CLP weakness in the wake of the surprisingly dovish BCCh meeting minutes was initially unwound as the dollar sold off following weak US retail sales data earlier today. USDCLP was briefly unchanged on the day, before dip buyers returned, eventually taking the pair to new session highs in recent trade above 968.00. Meanwhile, Camara swap rates remain meaningfully lower on the day, with a receiver-driven steepening move in the curve.
  • USDCLP trend conditions remain bullish and Tuesday’s fresh cycle high reinforces current conditions. Having breached key resistance at 955.00, the Oct 16 ‘23 high, this confirmed a resumption of the medium-term uptrend and opens 985.84 as the most notable topside target for the move, the Oct 25 ‘22 high.
  • Following policymakers discussion of an even larger 150bp interest rate cut at the recent BCCh policy meeting, incoming data will be even more keenly watched. Next week’s data calendar is light, with just January PPI in the docket, and the next major release will be January activity data on 29th Feb.
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