- The Dollar rises 0.15% on the day against the Chilean Peso, bouncing from the lows of October 17.
- Copper rebounds 0.65% daily, consolidating in a lateral range during the last eight sessions.
- The preliminary US manufacturing PMI rose to 55.3, above analyst estimates.
USD/CLP set a daily low at 940.90, finding buyers that took the cross to a daily high at 948.70. At the time of writing, the US Dollar is trading at 947.43 against the Chilean Peso, gaining 0.22% today.
The Chilean peso loses ground after the US manufacturing PMI
Based on information published by Markit Economics, the preliminary US manufacturing purchasing managers’ index (PMI) recorded an increase to 47.8 in October, exceeding the 47.5 estimated by analysts and the 47.3 recorded in September. Following these results, the Chilean peso reacted downward after reaching one-week highs, returning to the operating range of the previous session.
On the other hand, copper remains within a consolidation between $4.43 and $4.26, currently trading above $4.34 per pound, gaining 0.75% on the day.
Technical levels in the USD/CLP
USD/CLP formed short-term resistance at 956.10, given by the October 21 high. We find the first support at 924.33, a minimum reached on October 11. The next key support zone is at 894.25, the May 20 pivot point. The Relative Strength Index is located at 61.27, above the midline of 50, showing clear dominance of short-term buying pressure.
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.
