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CHILE: BCCh’s Costa Discusses December IPoM, USDCLP Rises Towards 1000 Handle

CHILE
BulletEM BulletEmerging Market News
  • After the publication of the central bank’s December IpoM yesterday, BCCh Governor Costa will deliver another presentation of the inflation report this morning at an Icare seminar. Presenting the report at the Senate’s finance committee yesterday, Costa said that it shouldn’t be a surprise if the central bank pauses its easing cycle at some meetings, given that inflation will be at an uncomfortable level around 5% in early 2025. Costa also said that inflation won’t hit the 3% target until early 2026.
  • The governor’s comments echo the tone set in the December policy statement, which analysts unanimously believed had a hawkish tilt to the communication. Consensus is firmly towards a January hold, in line with central bank survey data. See the full MNI review of the meeting, with analyst views, here.
  • Following the hawkish Fed cut yesterday, USDCLP has opened 0.9% higher around the 999 level. The psychological 1000.00 handle remains a key topside target and above here, attention will be on 1010.00, the 1.00 projection of the Nov 7 - 12 - Dec 6 price swing.
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  • After the publication of the central bank’s December IpoM yesterday, BCCh Governor Costa will deliver another presentation of the inflation report this morning at an Icare seminar. Presenting the report at the Senate’s finance committee yesterday, Costa said that it shouldn’t be a surprise if the central bank pauses its easing cycle at some meetings, given that inflation will be at an uncomfortable level around 5% in early 2025. Costa also said that inflation won’t hit the 3% target until early 2026.
  • The governor’s comments echo the tone set in the December policy statement, which analysts unanimously believed had a hawkish tilt to the communication. Consensus is firmly towards a January hold, in line with central bank survey data. See the full MNI review of the meeting, with analyst views, here.
  • Following the hawkish Fed cut yesterday, USDCLP has opened 0.9% higher around the 999 level. The psychological 1000.00 handle remains a key topside target and above here, attention will be on 1010.00, the 1.00 projection of the Nov 7 - 12 - Dec 6 price swing.