Bearish CLP: Conviction Still In Place

In keeping with the trend seen across Latin American FX, the Chilean peso has strengthened markedly against the US dollar in recent days. After touching a recent high of CLP549.70/US$ on June 8, the unit has strengthened to close at CLP535.25/US$ at the end of trading on June 10, and may gain further against the greenback over the very short term if sentiment towards the global recovery continues.

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