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Volatile Copper Temporarily Halts CLP Ascent

CHILE
  • The wild ride for copper yesterday resulted in the Chilean peso reaching its highest level since July 2019 against the dollar before reversing to remain unchanged on the session. Despite the inability to close below most notable support at 693, multiple factors point towards the pair continuing to pressure the downside. These include continued support for copper on dips, Hacienda dollar supply and fresh broad based usd weakness as the DXY approaches Monday's lows.
  • Central Bank decision due Thursday should not put a spanner in the works with all analysts surveyed calling for an unchanged decision at 0.5%.

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