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USDCLP Surges as Local Markets Re-Open, BCCh Awaited Thursday

CHILE
  • The Chilean peso is underperforming Wednesday as the market reopens from the Navy Day holiday yesterday. A sharp 3.6% correction in copper prices, which hit a record high earlier this week, as well as the higher US yields are providing a headwind to the peso. USDCLP has risen 1.8% at the time of writing, bringing the pair back above the 900 level. There may also be some profit taking dynamics in play ahead of tomorrow’s BCCh MPC meeting, when the central bank is widely expected to cut by 50bp to 6.0%, however one analyst is forecasting a bolder 75bp step.
    • Our full preview is here.
  • From a technical perspective, the current bear cycle in USDCLP remains in play and short-term gains are considered corrective. The recent break of support at 935.63, the Mar 15 low, marked an important technical breach and highlighted a stronger reversal. 886.96, the 76.4% retracement of the Dec 1 ‘23 - Feb 26 bull leg, was also briefly pierced. A clear break of this level would open 870.45, the Dec 29 ‘23 low. Initial key short-term resistance has been defined at 921.97, the 20-day EMA.
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