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CHILE: BCCh Economist Survey Expected At 1230BST

CHILE
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  • USDCLP closed broadly unchanged at 932.6 yesterday, despite the further dip in copper prices, after gains earlier in the session were unwound. Nonetheless, the pair has risen 4.6% from its Sep 27 low in a recovery that has broken both the 20- and 50-day EMAs. This move undermines a recent bearish theme and signals scope for an extension higher, towards 951.80, the Sep 10 high.
  • On the data front today, the central bank will publish its latest economist survey at 1230BST(0730ET). Recent survey data have indicated that analysts and the market expect the BCCh to continue its easing cycle with another 25bp cut to 5.25% next week, supported by the larger than expected decline in headline CPI inflation this week.
  • Another interest rate cut next week would follow the 25bp move last month, when the monetary policy committee also said that the policy rate would be reduced to its neutral level more quickly than previously thought. Ahead of the Oct 17 MPC meeting, the central bank will also publish its next traders survey on Monday.
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  • USDCLP closed broadly unchanged at 932.6 yesterday, despite the further dip in copper prices, after gains earlier in the session were unwound. Nonetheless, the pair has risen 4.6% from its Sep 27 low in a recovery that has broken both the 20- and 50-day EMAs. This move undermines a recent bearish theme and signals scope for an extension higher, towards 951.80, the Sep 10 high.
  • On the data front today, the central bank will publish its latest economist survey at 1230BST(0730ET). Recent survey data have indicated that analysts and the market expect the BCCh to continue its easing cycle with another 25bp cut to 5.25% next week, supported by the larger than expected decline in headline CPI inflation this week.
  • Another interest rate cut next week would follow the 25bp move last month, when the monetary policy committee also said that the policy rate would be reduced to its neutral level more quickly than previously thought. Ahead of the Oct 17 MPC meeting, the central bank will also publish its next traders survey on Monday.