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BCCh Traders Survey Expecting 75BP Cut Next Week, Activity Data Due

CHILE
  • The central bank has posted the latest survey of traders and investors on its website. Importantly, this is the final survey before next week’s BCCh decision. As well as a 75bp cut in September, the key rate is seen at 7.75% two meetings ahead, and 6.50% four meetings ahead. CPI is now seen at 3.65% y/y in 12 months, and 3.00% y/y in 24 months.
  • USDCLP fell on Wednesday and has opened up in moderate negative territory again at today’s open. Support at the 50-day EMA moves up to 838.44. The National Statistics Institute will report the following data at 1400BST/0900ET:
    • July Manufacturing Production YoY. Est. -3.2%, anterior -5.2%
    • July Industrial Production YoY. Est. -0.9%, prior -2.7%
    • July Copper Production Total
    • July Commercial Activity YoY
    • July Retail Sales YoY. Est. -9.8%, prior -13.0%
    • Separately, at 1930ET, President Gabriel Boric will attend the mining industry’s annual dinner.

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