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USDCLP Support Resides At 806.63

CHILE
  • The Chilean Peso continued its strong performance on the week yesterday, with USDCLP retreating to 811 from highs around 825. Monday's polling data spurred a recovery for the local currency as Gabriel Boric's lead was eroded and candidate Kast ascended.
  • Tuesday's extension was more to do with global risk factors and a more benign environment for broad EMFX. The looming November election and lingering uncertainty may make dip buying in the pair attractive and Firm short-term support lies at 806.63, the Oct 14 low.
  • Hacienda dollar sales continue at a pace of $160m per day. A total amount of up to US $3.5 billion is estimated to be auctioned in October.
  • The main news from late yesterday related to pro-government Senator Rodrigo Galilea readying amendments to pension withdrawal bill, reported by Diario Financiero. Part of the Renovacion Nacional party, the senator is considering changes to the bill that would allow a fourth round of withdrawals from pension accounts, newspaper Diario Financiero said. (Bloomberg)
  • Galilea is mulling if he will present amendments to completely alter the bill that was approved by the lower house, favouring the elimination of a clause allowing early withdrawals from annuity accounts.
  • Only data this week is September PPI scheduled for Friday.
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