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Camara Swaps Curve Significantly Shifts Lower Following BCCh

CHILE
  • Chilean swap rates fell significantly on Wednesday as the Camara curve bull steepened from its inverted state. One-year swap rates were seen down as much as 90 basis points following the dovish tilt to the latest BCCh statement attached to the 150bp rate hike.
  • In turn, the Chilean Peso faltered with USDCLP rising around 1% to close just below 790.
  • Large amount of data on the domestic docket at 1300BST/0800ET:
    • Feb. Manufacturing Production YoY, est. 0.2%, prior 2.6%
    • Feb. Industrial Production YoY, prior -1.1%
    • Feb. Chile Copper Production Total, prior 429,923
    • Feb. Commercial Activity YoY, prior 12.0%
    • Feb. Retail Sales YoY, est. 12.2%, prior 14.2%
  • Chile’s new president, Gabriel Boric, appointed Maximo Pacheco as chairman of state-owned copper giant Codelco, it said in a statement.
    • Pacheco was energy minister from 2014 to 2016.

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