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BCCh’s Griffith-Jones Expects CLP Volatility To Diminish

CHILE
  • The Chilean peso has opened firmed against the dollar at the start of this week, following notable weakness last week, which saw USDCLP rise 4.1% to a high of 984.59 on Friday, close to resistance the bull trigger at 990.67. A break of this hurdle would confirm a resumption of the uptrend and open 1000.00.
  • In an interview with El Mercurio, BCCh vice president Stephany Griffith-Jones said that she expects the recent volatility in CLP to diminish as the Fed and other central banks lower their rates. She thinks the recent pressure is temporary and that other central banks, such as Mexico and Colombia, will follow the Fed more closely once it cuts. She added that these countries have higher inflation and inflation expectations, which may encourage some reversal of flows.
  • She also noted that FX passthrough from recent CLP weakness has been limited, and that more details would be provided in the April 3 monetary policy report.
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