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USDCLP Rises Towards Key Resistance At 985.84

CHILE
  • The Chilean peso has seen further weakness on the open today, with USDCLP rising towards next resistance at 985.84, the Oct 25 ‘22 high. As noted previously, there is more notable resistance beyond this, just short of the 1000 mark, representing various highs from the second half of 2022.
  • Policymakers at the central bank have not expressed obvious concern about the currency recently, hinting in the latest BCCh minutes that the FX pass-through from recent depreciation of the peso could be weaker than before. However, markets will be attentive to any shift in stance should CLP continue to weaken through key levels. Citi prefer to keep some exposure in long USDCLP, and they have added a pay position in the NDF curve.
  • Earlier, producer prices rose by 0.8% m/m in January, following a 0.7% gain the month before. In annual terms, PPI inflation rose to +1.2% y/y, from +0.5% previously. There are no other releases in the calendar today. Next week, activity data for the month of January will be published, alongside latest copper production data.
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