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USDCLP Rises To Record High Above March 2020 Highs

CHILE
  • The Chilean peso fell to a record low of 885.35/USD Monday as copper prices extended their downward trajectory on concern China will take longer to bounce back from its Covid-19 economic woes.
    • Political uncertainty tied to the rewriting of the country’s constitution has also been keeping investors away from peso-denominated assets which combined with an aggressive Federal Reserve has acted as a powerful headwind for CLP.
  • Codelco workers will start a nationwide strike in Chile to protest the closing of the Ventanas smelter, Reuters reports citing a union leader.
  • Amador Pantoja, president of the Federation of Copper Workers (FTC), told Reuters the strike would start with the first shift on Wednesday.

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  • The Chilean peso fell to a record low of 885.35/USD Monday as copper prices extended their downward trajectory on concern China will take longer to bounce back from its Covid-19 economic woes.
    • Political uncertainty tied to the rewriting of the country’s constitution has also been keeping investors away from peso-denominated assets which combined with an aggressive Federal Reserve has acted as a powerful headwind for CLP.
  • Codelco workers will start a nationwide strike in Chile to protest the closing of the Ventanas smelter, Reuters reports citing a union leader.
  • Amador Pantoja, president of the Federation of Copper Workers (FTC), told Reuters the strike would start with the first shift on Wednesday.