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Chile Economic Activity Headlines, CB Economist Survey Results Scheduled

LATAM
  • Chile March economic activity headlines the LatAm docket on Tuesday amid a plethora of PMI releases and central bank economist survey results for Brazil and Mexico. Additionally, Mex remittances and Brazil trade balance data is scheduled.
  • Eurozone inflation edged up by 0.1pp to +7.0% y/y in the April flash data, against consensus expectations of holding steady at +6.9% y/y. The market response was muted, with the core reading in line with expectations. As such, there was little movement in implied ECB rate hike pricing for this week's meeting - with ~29bps priced in.
  • Focus ahead turns to JOLTS job openings data and final durable goods data for March.
  • AUD is the best performing G10 currency following the surprising rate hike from the RBA overnight. The bank raised its cash rate by 25 basis points to 3.85%, stressing that it aimed to return inflation to its 2-3% target in a "reasonable timeframe", strengthening language on future hikes.

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