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April CPI Inflation Due Following Volatile CLP Session

CHILE
  • Having breached an important support at 935.63, the Mar 15 low, USDCLP dipped as low as 925 on Tuesday, narrowing the gap substantially to the next downside target of 922.80 initially, a Fibonacci retracement. This support, combined with a modest turn lower for copper prices prompted a swift USDCLP recovery, which closed the session around 937.
  • The swings come ahead of April CPI inflation data, which will be published at 1300BST(0800ET), with analysts expecting the chained measure to show an uptick in the annual rate of inflation to 3.8% y/y, from 3.7%. In m/m terms, prices are expected to rise by 0.4% for a second month running. Analysts believe these data would be consistent with BCCh decelerating the easing pace to 50bp later this month.
    • April CPI YoY, est. 3.8%, prior 3.7%
    • April CPI MoM est. 0.4%, prior 0.4%
  • Meanwhile, Codelco’s Chairman Maximo Pacheco and the firm’s Executive President Ruben Alvarado appear at the Senate’s energy commission at 1730BST(1230ET), then later in the lower house (2000BST/1500ET).
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