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Central Bank Minutes, Hacienda USD Supply Adding CLP Tailwind

CHILE
Focus turns to the central bank meeting minutes that will be released on Friday. Analysts noted a marginal hawkish tweak to the language in the statement. Despite this rhetoric from CB President Marcel remains very dovish. This is confirmed by the latest central bank survey that sees rate unchanged until December 2021.
  • The recent US Dollar weakness has benefitted the Chilean peso, with USDCLP breaching support last Thursday to trade as low as 705.
  • This has coincided with Hacienda recommencing their USD sales at a pace of $150 million per day in April.

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