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BCCh Survey of Economic Expectations Due Shortly

CHILE
  • Headlines Monday focused on commentary from central bank officials. BCCh board member Soto indicated that the foreign exchange market has functioned in an orderly manner so far and board member Griffith-Jones stated that inflation is continuing with its return to the “objective level” despite the February consumer price data.
  • Some moderate pressure on the Peso Monday saw USDCLP edge higher throughout the session, although the pair remains way below the pre-CPI levels from last week around 980. Trend conditions remain bullish and the recent fresh cycle highs reinforce current conditions. The latest pullback appears - for now - to be a correction and the next support to watch lies at 947.67, the 50-day EMA.
  • The Chilean peso will remain a funding currency for carry trades, moving between 950 and 1,000 per dollar, as its interest rates head lower, according to Deutsche Bank.
  • The Central Bank will publish the results of the Monthly Survey of Economic Expectations for March at 1130GMT/0730ET, which may help form expectations ahead of the April 02 policy decision.
  • Later in the day the Treasury will auction CLP600b in bills due Nov. 2024.
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