• The Chilean peso outperformed yesterday, gaining 1.35% against the dollar, buoyed by the rally in copper prices. Analysts note that short positioning in the CLP, which had become stretched by March, has continued to unwind, allowing the CLP to recover to its strongest levels since January.
  • Having breached an important support at 935.63, the Mar 15 low, this week, USDCLP has dipped to around 925, narrowing the gap to the next downside target of 922.80 initially, a Fibonacci retracement.
  • Today, the central bank will publish its latest economist survey at 1330BST(0830ET). The equivalent trader’s survey follows next week, ahead of the May 23 MPC meeting. Following this week’s stronger than expected April CPI inflation data, many analysts currently expect the central bank to reduce its easing pace further to 50bp later this month.

CHILE: Central Bank Economist Survey Due

Last updated at:May-10 11:54By: Keith Gyles
  • The Chilean peso outperformed yesterday, gaining 1.35% against the dollar, buoyed by the rally in copper prices. Analysts note that short positioning in the CLP, which had become stretched by March, has continued to unwind, allowing the CLP to recover to its strongest levels since January.
  • Having breached an important support at 935.63, the Mar 15 low, this week, USDCLP has dipped to around 925, narrowing the gap to the next downside target of 922.80 initially, a Fibonacci retracement.
  • Today, the central bank will publish its latest economist survey at 1330BST(0830ET). The equivalent trader’s survey follows next week, ahead of the May 23 MPC meeting. Following this week’s stronger than expected April CPI inflation data, many analysts currently expect the central bank to reduce its easing pace further to 50bp later this month.

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