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USDCLP Rises To 15-Month High Above 955

LATAM FX
  • A resumption of greenback strength post-Kashkari (compounding Powell's 60 Minutes appearance) sees a decent bump higher for the likes of USDBRL and USDCLP, both reaching some notable levels in recent trade. USDMXN not really taking part in the move, given the likely depressed volumes associated with the national holiday today.
  • USDCLP trades above 955.00, the Oct 16 high, further strengthening the bullish theme for the pair. Above here, markets will likely focus on bridging the gap to 963.58, the close back on October 25, 2022, before a larger confluence of resistance between 990-1,000.
  • USDBRL has also strengthened to test the familiar upper bound of its most recent range at 5.00. The pair did recently pierce resistance at 4.9771, the Dec 13 high. A clear break of this hurdle would undermine the bearish theme and signal scope for a stronger recovery above the 5.00 handle, towards 5.0696, the Oct 31 high.
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