- USD/CLP rises 0.50% daily.
- Copper loses 0.36%, reaching three-week lows.
- The Central Bank of Chile predicts growth in mining investment for the next three years.
The USD/CLP set a daily low at 928.75, meeting with advancers that took the pair to the session high of 934.77. Currently, the US dollar is trading above 933.42 against the Chilean Peso, up 0.50% on the day.
Copper resumes losses and hits three-week lows
China’s Caixin PMI services index fell to 51.6 in August from 52.2 in June yesterday, worsening copper demand prospects.
The metal lost 0.36% to trade at 4.03 today, reaching lows not seen since August 12.
The Central Bank of Chile released its monetary policy report yesterday, highlighting a forecast of growth in mining investment for the next three years, with positive effects for the construction sector.
Technical levels in the USD/CLP
The USD/CLP established a short-term support at 904.25, given by the low of August 27, in confluence with the 23.6% Fibonacci retracement. The next key support is at 881.85, pivot point of May 20. The closest resistance is at 961.00, high of August 2.
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.
