- USD/CLP gains 0.22% on the day, remaining within the trading range of the previous session.
- The Central Bank of Chile reports a surplus in the Trade Balance for August.
- Investors will focus their attention on China’s Industrial Production, due out on Friday.
The USD/CLP marked a daily low at 939.96, attracting buyers who pushed the pair to a daily high at 947.65. At the time of writing, the US dollar is trading at 943.72 against the Chilean Peso, up 0.22% on the day.
Chile’s Trade Balance Registers a Surplus in August
According to figures presented by the Central Bank of Chile, the Trade Balance showed a positive balance of 1.132 billion dollars in August. The figure contrasts with the 482 million registered in August 2023.
Exports rose 1.4% compared to the previous year, reaching $8.012 billion, driven mainly by copper, whose price has fluctuated around $4 per pound on the international market. On the other hand, imports decreased by 7.3% compared to the same period in 2023.
Investors will be focused on China’s Industrial Production, which will be released on Friday. The market consensus expects a slight decline to 2.5% from 2.7% in July.
Technical levels in the USD/CLP
USD/CLP reacted to the upside at support located at 934.65, given by the low of September 6. The next key support is located at 904.25, pivot point of August 27 that converges with the 23.6% Fibonacci retracement. 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.
