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CHILE: BCCh Minutes Due At 1130GMT

CHILE
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  • The BCCh will publish the minutes to its Jan 28 MPC meeting at 1130GMT(0630ET), when it kept its policy rate unchanged at 5.0% in a unanimous decision. The accompanying statement continued to strike a cautious tone, with the Board noting the increase in inflation risks and removing the reference to future rate cuts. This was seen as signalling an extended pause in the easing cycle, with many analysts expecting rates to remain on hold through H1 and potentially room for some renewed easing later in the year.
  • In the minutes, Goldman Sachs will be particularly attentive to the MPC’s assessment of the external backdrop. On the domestic economy, they look for any discussion on the state of the real business cycle. They will also be on the lookout for a discussion on the desired monetary stance, and the extent to which the MPC favours maintaining rates above neutral for longer amid the increase in inflation risks.
  • USDCLP was unchanged yesterday at 961.23, keeping the pair close to recent three-month lows around 956. The recent move lower in USDCLP reinforces current bearish conditions and signals scope for an extension towards 940.35, the 61.8% retracement of the upleg between Sep 27 ‘24 - Jan 3. Initial firm resistance is seen at 982.50, the 50-day EMA.
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  • The BCCh will publish the minutes to its Jan 28 MPC meeting at 1130GMT(0630ET), when it kept its policy rate unchanged at 5.0% in a unanimous decision. The accompanying statement continued to strike a cautious tone, with the Board noting the increase in inflation risks and removing the reference to future rate cuts. This was seen as signalling an extended pause in the easing cycle, with many analysts expecting rates to remain on hold through H1 and potentially room for some renewed easing later in the year.
  • In the minutes, Goldman Sachs will be particularly attentive to the MPC’s assessment of the external backdrop. On the domestic economy, they look for any discussion on the state of the real business cycle. They will also be on the lookout for a discussion on the desired monetary stance, and the extent to which the MPC favours maintaining rates above neutral for longer amid the increase in inflation risks.
  • USDCLP was unchanged yesterday at 961.23, keeping the pair close to recent three-month lows around 956. The recent move lower in USDCLP reinforces current bearish conditions and signals scope for an extension towards 940.35, the 61.8% retracement of the upleg between Sep 27 ‘24 - Jan 3. Initial firm resistance is seen at 982.50, the 50-day EMA.