- The Dollar rebounds 1.45% against the Chilean Peso, reaching highs not seen since September 11.
- Copper falls 1.38% daily, reaching three-week lows.
- Investors will focus on China’s Gross Domestic Product and Industrial Production, due to be released on Thursday.
USD/CLP hit a daily low at 926.60, where it attracted buyers who took the pair to a five-week high not seen since 9/11. Currently, the US Dollar is trading above 940.43 against the Chilean Peso, gaining 1.45% today.
Chilean peso hits five-week lows ahead of key economic data from China
Copper signs its second consecutive session down, losing 1.38% on the day, reaching three-week lows not seen since September 23 at $4.3136 per pound.
In the same vein, the Chilean Peso registered a daily drop of 1.45%, reaching five-week lows, to end the day at 939.99.
Investors will focus their attention on China’s Gross Domestic Product, with market consensus expecting a decrease from 4.7% to 4.5% in the third quarter. On the other hand, analyst expectations foresee an increase in China’s Industrial Production to 4.6% in September from 4.5% registered in August.
Technical levels in the USD/CLP
The USD/CLP reacted higher at short-term support located at 924.33, given by the October 11 low at 924.33. We see the next key support zone at 894.25, the pivot point of September 30.
To the upside, the nearest resistance is at 951.88, given by the September 10 high that converges with a bearish trend. The next key resistance is seen at 961.00 high of August 2. The Relative Strength Index is at 61.75, above the midline of 50, showing dominance of buying pressure with intentions of reaching the key area of 950.00.
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.