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CHILE: Finance Minister Flags 2025 Fiscal Deficit Cut, BCCh Economist Survey Due

CHILE
  • The Chilean peso was supported by a rebound in copper prices yesterday, with USDCLP closing marginally lower around 945. Having cleared resistance at 940.53, the Aug 16 high, attention for USDCLP is on 953.93 next, the Aug 6 high. First support is at 929.46, the 20-day EMA.
  • Finance Minister Marcel said yesterday that the upcoming 2025 budget will reveal a big reduction in the fiscal deficit, as the government presses on with its plan to halve the deficit next year. In an interview in London, he said that the structural deficit is going to be close to 1% of GDP, which he said would mean that the volume of gross financing needs next year won’t be too different from this year. The budget proposal must be presented to Congress by the end of this month.
  • Meanwhile, the BCCh will publish its latest economist survey at 1230BST(0730ET), with updated forecasts for inflation and interest rates. They survey comes after last week’s MPC meeting, when the central bank struck a more dovish tone as it cut rates by 25bp to 5.50%, saying that it will reduce rates to a neutral level at a faster pace than previously expected.
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