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Chilean peso falls after Central Bank plan to buy dollars: Andes FX

(Bloomberg) – The Chilean peso fell back, extending its sharp decline this year, after the central bank announced that it will be a major buyer of dollars over the next 12 months, with the Chilean currency losing 2.3%, its biggest intraday decline. in more than six months, after officials announced plans to buy $ 40 million a day in foreign currency for a total of $ 12 billion to increase its foreign reserves. The peso could meet dollar resistance at the 750 per dollar level, although the main technical indicator for the currency has been its 100-day moving average, currently at 760 pesos per dollar. The rally in copper boosted the peso’s gains in late last year, which brought the currency to a level of 700 per dollar, the strongest since July 2019. It seems that the central bank is taking the opportunity to recover the dollars spent in 2019 and 2020 and thus manage to curb volatility of the coin. Although this program will last for months, the fact that investors know from now on the total amount of dollars that the Central Bank wants to buy, means that the impact may only be in the short term. The peso is likely to free itself from the influence of this new catalyst within a few sessions, while the Colombian peso rose 0.3%, in line with most of its emerging market peers facing a low volatility session Compared to the last days of operations. The decision of the authorities to impose a “total quarantine” from January 15 to 18 in Bogotá, has not had an impact on the market. Intensive care units are more than 90% occupied. Local schedules without major events will lead operators to focus on international markets. S&P futures and commodities are roughly unchanged as the dollar advances with traders awaiting inflation data from the U.S. The U.S. House of Representatives is preparing to vote on a second trading process. Impeachment of Donald Trump, as lawmakers are furious about his role in last week’s attack on Capitol Hill, though Trump is unlikely to be convicted in the Senate, or forced to leave office before the president-elect Joe Biden takes office on January 20. But even if Trump is removed, the impact on markets would be little, prompting traders to ignore him as a potential catalyst, even though the issue predominates on channels. (Some of the information comes from FX traders familiar with the transactions who requested not to be identified because they are not authorized to speak publicly) Original Note: CLP Leads Glob al Losses on BCCh’s USD Buying Plan: Inside Andes NOTE: Davison Santana is a currency strategist who writes for Bloomberg. The observations he makes are his own and are not intended to be investment advice. For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source. © 2021 Bloomberg LP

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