- USD/CLP falls to four-week lows, losing 1.11% today.
- Fed Chairman Jerome Powell responded to questions before the House of Representatives.
- Copper prices rebound, posting a gain of 1.08% on the day.
The USD/CLP opened the European session with a session high of 933.71, finding sellers who pushed the pair to a daily low of 921.66. Currently, the US Dollar price against the Chilean Peso is trading at 923.36, losing 1.11% on the day.
Chilean Peso Hits One-Month Highs Aided by Weakening Dollar
The appreciation of emerging market currencies against the dollar has been capitalized by the Chilean peso, which has recorded a weekly gain of 1.94%, appreciating for the third consecutive week and reaching four-week highs.
Federal Reserve Chairman Jerome Powell responded to several questions before the House of Representatives, acknowledging the current monetary policy as restrictive and showing interest in adapting stress tests over time, and was right about the bank capital proposal.
Copper has reacted to the upside after breaking above the key level of $4.50, currently trading at $4.61, gaining 1.01% on the day.
Technical levels in the USD/CLP
We see first support for the USD/CLP at 905.50, given by the 78.6% Fibonacci retracement. The next support is at 884.96, the low of May 20. The closest resistance is at 960.00, the high of June 27.
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.
