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BCCh June Retail Sales Index Due Today

CHILE
  • The Chilean peso closed 0.53% firmer against the dollar yesterday at 941.8, despite the further slide in copper prices, which weighed on CLP earlier in the session. For USDCLP, initial resistance at the 50-day EMA has recently been cleared, opening key resistance and the bull trigger at 956.73, the Jun 27 high.
  • Data wise, the BCCh will release its retail sales index for June today. Last month, sales rose by 4.8% y/y in nominal terms and 1.3% y/y in real terms, both marking an improvement from April. Itaú sees commerce-related indicators continuing to be the main driver behind the recovery in activity.
  • Following the retail sales figures, June PPI inflation data are due tomorrow, while the latest BCCh traders survey will be published Friday, ahead of the July 31 BCCh monetary policy meeting. The previous survey revealed that a narrow majority of traders expect the central bank to pause its easing cycle this month.

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