Peso Weakness To Be Limited

The Chilean peso continues to look vulnerable, with the unit weakening towards support at CLP483.00/US$ on May 27. While we believe that there is room for a break below this level, stronger support exists near the CLP485.00-490.00/US$ area. A bounce off this level would be vital in restoring the peso's momentum, allowing it to make up some lost ground over the coming weeks.

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