- USD/CLP falls 0.14%, remaining within the trading range of the previous session.
- Chile’s Monthly Index of Economic Activity (IMACEC) exceeded analysts’ estimates and reached its best level in four months.
- Investors will be keeping an eye on Chile’s interest rate decision tomorrow.
The USD/CLP marked an intraday high of 914.02, where it attracted aggressive sellers who pushed the pair to an intraday low of 911.73. Currently, the US Dollar is valued at 912.63 against the Chilean Peso, losing 0.14% today.
Chile’s economic activity registers its highest growth in four months
Based on information provided by the Central Bank of Chile, the Monthly Index of Economic Activity registered an increase of 4.2% in July, exceeding market estimates that placed it at 2.7%. It was also above the 0.1% reached in June and registering its best mark in four months.
The IMACEC result was explained by the growth of all its components, with services and industry standing out for their contribution.
Investors’ attention will be on the interest rate decision by the Central Bank of Chile. The consensus expects a reduction of 25 basis points, to place the reference rate at 5.50%.
Technical levels in the USD/CLP
The USD/CLP formed a short-term resistance at 941.25, given by the August 16 high converging with the 50% Fibonacci retracement. The first support is seen at 904.90, the August 27 low converging with the 23.6% Fibonacci retracement. The next key support is at 881.85, the May 20 pivot point. The Relative Strength Index is at 39.23, showing the strength of the selling pressure and with the intention of breaking below the 904.25 support.
Chilean Peso Daily Chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
