On 17 May, we suggested opening a short USDCLP position (spot reference 850.2), anticipating some recovery in global risk sentiment and an easing of China’s COVID lockdowns. USDCLP already broke through our initial tentative target at 825, and we are switching gear again and will manage our exposure in a more systematic manner. From here, we will set a trailing stop/take-profit if USDCLP reaches the highest exchange rate in its last 10 trading days (EoD).