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Central Bank Minutes, Peso Flying

CHILE

The Central Bank Minutes have just been released, initial headlines hitting the wires:

  • Recent CPI rise driven by short-term phenomena
  • High monetary impulse to be maintained
  • Important to monitor inflation trends
  • Implementing vaccine process is top challenge
  • Domestic activity ended 2020 within projections
  • Inflation ended 2020 slightly above expectations
  • Cites better 2021 eco prospects on vaccine (bbg)

USDCLP opening lower once more in line with the move in USDMXN overnight. The move certainly starting to pick up steam amid rallying copper prices and Hacienda supply who have now sold $940 million in February. We note 711 as the nearest key support.

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