Chilean Peso Holds Near 962 As Dollar Steadies; Santiago Stocks Extend Slide

The Chilean peso traded around 961–963 per dollar on Tuesday morning, little changed after firming late on Monday.

The move came despite a resilient global greenback: the Dollar Index hovered near the high-90s as investors weighed U.S. shutdown headlines, yen weakness after Japan’s leadership result, and the prospect of further Federal Reserve rate cuts later this year.

In commodities, copper stayed elevated around $5.05–$5.10/lb, cushioning the peso’s downside and supporting Chile’s terms of trade.

Local traders said Monday’s late peso gains were largely profit-taking after last week’s dollar strength, with metals prices and calmer regional risk helping stabilize FX in early dealings.

Equities in Santiago remained soft. The S&P IPSA slipped 0.65% on Monday to 8,832.5, its ninth straight decline, as retail and airlines lagged and the index drifted further from recent records above 9,000.

The pullback comes even as global equities lean higher on renewed AI-led enthusiasm in the U.S., highlighting Chile’s sector mix and company-specific headwinds.

Technical signals are balanced for USD/CLP. On the daily chart, price sits on a tight cluster of moving averages near 960–963 with an RSI around the low-50s and a flat MACD—typical of a consolidation.

On the 4-hour view, momentum tilts slightly dollar-positive while a gentle up-trend from mid-August holds above 960. A break above 967–971 would reopen 978–985; slipping under 958–960 would expose 952–955, with 945–948 below.

Why markets moved: Globally, a sturdier dollar and higher long-end yields kept a cap on EM FX, while copper strength limited peso weakness.

In stocks, domestic rotation and stock-specific news outweighed the supportive external backdrop, particularly in retail and travel.

Top Movers — Santiago (Monday Close)

Winners:

• Entel +5.26%
• Almendral +4.94%
• Sonda +2.26%
• PlanVital +1.64%
• Hites +0.81%

Losers:

• Grupo Security −7.54%
• Andina-A −2.94%
• Parque Arauco −2.62%
• LATAM Airlines −2.49%
• Ripley −2.36%

What to watch today: first support for the IPSA sits around 8,790–8,800, with 8,660 below; resistance is clustered at 8,900–8,950.

For FX, the 962 pivot remains key—ongoing DXY firmness argues for tests of 967–971, while any copper pop and calmer rates backdrop would favor dips toward 955–958.