Chilean Peso Ignores Negative Revision to Growth Projections

The Chilean peso rose with other currencies of emerging markets thanks to the positive risk sentiment among Forex market participants. It allowed the currency to ignore a downward revision to the projected economic growth by the nation’s central bank.
Hope for ceasefire in Ukraine brought risky currencies of emerging markets up, allowing some of them to ignore negative domestic fundamentals. One of such currencies was the peso, which shook off the quarterly Monetary Policy Report from the Central Bank of Chile that predicted growth by 1.75–2.25 percent for this year, down from the 2.5–3.5 percent range in the previous estimate. At the same time, the bank raiised the inflation projection a little.
USD/CLP went down from 589.05 to 588.60 as of 2:07 GMT today.

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