Chilean peso is surging at the open and is the best performing EM currency today. The move is a response to yesterday’s announcement from the Central Bank of Chile that it will intervene on the FX market to prevent further depreciation of the currency. Industrial production data from the country was released at 12:00 pm GMT and it showed a decline of 3.4% YoY while market expected a decline of 6% YoY. It should be noted that social unrest started in mid-October therefore the data reflects half a month of protests and their damage on the economy. As one can see, the impact of the unrest is not as big as markets feared.
USDCLP opened over 3% lower on Friday. The pair trades lower as investors are delighted to see industrial production declining less than expected and central bank taking action on the FX market. Source: xStation5
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