The Chilean peso is gaining against the US dollar due to a notable rise in copper prices, which reached their best performance since November, leading to over 2% increase.
Despite the strength in the local currency supported by commodity-linked assets, the internal economic challenges in Chile persist, with trade balance surplus below market expectations.
The USD/CLP has recorded an advance of over 0.5% this week, reflecting cautious investor sentiment and expectations based on upcoming US inflation data.
Attention is centered on US inflation data midweek; higher-than-expected inflation could challenge the Chilean peso, while lower inflation may fortify its recent gains.
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