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BCCh Minutes Due, Codelco Strike To Continue

CHILE
  • In Chile, the minutes of the June monetary policy meeting are likely to reiterate the monetary policy outlook in the latest quarterly report (IPOM), which anticipated at least two more hikes of 25-50 bps before the end of the tightening cycle.
  • Codelco said protests have not yet affected output, but their continuation would require adjustments to operations and mean a subsequent impact on production and company dividends, according to a statement.
    • Codelco regrets that FTC labor leaders failed to attend Wednesday’s afternoon meeting in Valparaiso region with company president Andre Sougarret
    • Sougarret said Codelco is open to dialog and he hopes a meeting can be held as soon as possible, according to the statement
  • An exchange rate between CLP900 and CLP920 per dollar this month would force Chile’s Central Bank to apply a higher rate hike than expected by the market in July and a “surgical” exchange rate intervention coordinated with the Ministry of Finance and regulators, Scotiabank Chile economist said in a note.
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