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CHILE: USDCLP Trend Condition Still Bearish, Marcel At Senate Committee

CHILE
BulletEM BulletEmerging Market News
  • After brief weakness at the open, the Chilean peso is now trading moderately firmer against the dollar around the 950 level amid broad weakness in the greenback. After the US confirmed the implementation of tariffs on Mexico, Canada and China overnight, attention turns to Mexico’s response later today and possible further US tariff measures in the coming weeks, including on copper imports, which would be key for Chile. For now, confirmation of the additional tariff on China have put downward pressure on copper prices, which could eventually weigh on the CLP.
    • USDCLP remains in a bear-mode condition, with sights on 921.59, the 76.4% retracement of the upleg between Sep 27 ‘24 - Jan 3. Firm resistance is seen at 967.09, the 50-day EMA.
    • Finance Minister Marcel is due to speak at the Senate’s Finance Committee from 1800GMT(1300ET). He is said to be speaking about funds that were transferred to the government from Corfo, the economic development agency.
    • February vehicle sales and IMCE business confidence are due in the coming days, possibly today. Later in the week, focus turns to February CPI and trade numbers. Analysts see the headline inflation rate edging down to 4.7% y/y, keeping it above the target range and supporting the BCCh’s recent hawkish tilt and expectations for an extended rate pause.
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  • After brief weakness at the open, the Chilean peso is now trading moderately firmer against the dollar around the 950 level amid broad weakness in the greenback. After the US confirmed the implementation of tariffs on Mexico, Canada and China overnight, attention turns to Mexico’s response later today and possible further US tariff measures in the coming weeks, including on copper imports, which would be key for Chile. For now, confirmation of the additional tariff on China have put downward pressure on copper prices, which could eventually weigh on the CLP.
    • USDCLP remains in a bear-mode condition, with sights on 921.59, the 76.4% retracement of the upleg between Sep 27 ‘24 - Jan 3. Firm resistance is seen at 967.09, the 50-day EMA.
    • Finance Minister Marcel is due to speak at the Senate’s Finance Committee from 1800GMT(1300ET). He is said to be speaking about funds that were transferred to the government from Corfo, the economic development agency.
    • February vehicle sales and IMCE business confidence are due in the coming days, possibly today. Later in the week, focus turns to February CPI and trade numbers. Analysts see the headline inflation rate edging down to 4.7% y/y, keeping it above the target range and supporting the BCCh’s recent hawkish tilt and expectations for an extended rate pause.