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USDCLP Stabilises Above 50-day EMA

CHILE
  • The Chilean peso slumped to be the worst performing EM currency last week on lower copper prices and an unexpected acceleration of US PCE Inflation on Friday. USDCLP upward momentum resumed on Monday after breaching key resistance at the 50-day EMA which intersected around 825.
  • Price action has stabilised on Tuesday with higher copper futures and stronger-than-expected production data providing a small CLP tailwind. The next key level on the topside is 850 which proved very strong support in the latter stages of 2022. Economic activity data (Imacec) for January will be published tomorrow.
  • Worth noting that Chile’s government is deploying troops at its borders with Peru and Bolivia to stem a rise in illegal migration. Congress passed a bill earlier this year authorizing the military to assume more tasks within the country to protect “critical infrastructure.”
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