- USD/CLP loses 0.25% on the day.
- China’s Consumer Price Index shows a 0.5% monthly increase in July.
- Copper is gaining ground, although it remains below the psychological level of $4.00.
The USD/CLP marked a session low at 931.10, finding buyers who pushed the pair to a daily high of 935.85. The US dollar is trading at 933.35 against the Chilean Peso, losing 0.26% on the day.
China’s consumer price index rises more than expected
According to data released by China’s National Bureau of Statistics, the Consumer Price Index rose 0.5% monthly in July, above the consensus expectation of 0.3%. This result shows an increase in inflation and a possible acceleration in economic activity in China, which could help expand copper demand.
Copper, on the other hand, rose 0.82% to trade at $3.98. The metal posted its second consecutive day of gains after reaching lows not seen since March 13 at $3.91 and breaking below the psychological level of $4.00.
Technical levels in the USD/CLP
The USD/CLP established resistance at 961.00, given the high of August 2. The closest support is seen at 904.90, the low of July 15. The next key support zone is located at 881.85, which converges with the 23.6% Fibonacci retracement level.
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.
