CHILE: USDCLP Extends Losses, President Boric Seeks Pension Bill Vote Next Week
Jan-24 12:23
- USDCLP is trading 0.6% lower in earlier trade on Friday, after President Trump’s comments that he would "rather not" put tariffs on China, although retained the option of doing so, has driven a further pullback in the dollar. Higher copper prices today are also providing a tailwind for the peso.
- The move leaves USDCLP 2.4% lower on the week at 982, the lowest level since Dec 13 and below the 50-day EMA at 987.0. A clear break of the EMA would highlight potential for a deeper retracement and open 966.86, the Dec 6 low.
- Meanwhile, President Boric has said he will invoke unprecedented constitutional power to speed up the pension reform vote in congress, seeking a final approval this month. La Tercera reports that Boric will use this power to have the House hold an extraordinary session next week.
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