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USDCLP Trending Towards 798.65 Support

CHILE
  • Continued support for the Chilean peso has prompted a break of the 50-day EMA, suggesting scope for a pullback towards 798.65 next, Nov 22 low. While the domestic data calendar remains very light, clear focus will be on the imminent announcements from president-elect Boric on his cabinet positions.
  • Yesterday, Diario Financiero, reported that some analysts are pointing to the sharp decline in USDCLP, having links to the idea that Central Bank President Mario Marcel could be called upon for the position of Finance Minister.
    • “Marcel’s name would unquestionably give confidence and could be one of the causes that is prompting the price of the dollar to drop” said the manager of Renta4 Studies. Additionally, a market strategist at XTB Latam commented that as Marcel gaining strength for this position “reassures the local market”.

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