Chilean peso to end the year below 500/US$

A strong start to the year for the Chilean peso has led to renewed speculation that the central bank will be forced to intervene in FX markets to weaken the currency. While intervention is possible, it will have a limited medium-term impact on the currency. Instead, we continue to believe that fundamental macro factors will play a more important role in driving the peso below 500/US$ by year-end.

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