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CHILE: September Trade, August Nominal Wages Due Today

CHILE
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  • USDCLP closed 0.48% higher at 923.38 on Friday, near to initial firm resistance at 924.55, the 50-day EMA, as the moderation in copper prices and spike in oil last week weighed on the peso. The latest strong recovery in USDCLP is considered corrective and a clear break of resistance at the 50-day EMA is required to signal scope for a stronger rally. This would open 940.00 and 951.80, the Sep 10 high.
  • On the data front, September trade figures will be published at 1230BST(0730ET), with analysts expecting the surplus to edge up to $1.4bn, from $1.13bn in August. Copper exports figures will also be published at the same, while nominal wage figures for August are due to follow at 1300BST(0800ET).
    • Sept. Trade Balance, est. $1.4b, prior $1.13b
    • Sept. Copper Exports, prior $4.27b
    • Aug. Nominal Wage YoY, prior 8.1%
  • Later this week, September CPI inflation takes the focus tomorrow, with the market expecting the headline rate to moderate to 4.4% y/y, from 4.7%. This will be followed by the BCCh economist survey on Thursday. Recent survey data have indicated that a further 25bp rate cut is expected at the Oct 17 MPC meeting.
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  • USDCLP closed 0.48% higher at 923.38 on Friday, near to initial firm resistance at 924.55, the 50-day EMA, as the moderation in copper prices and spike in oil last week weighed on the peso. The latest strong recovery in USDCLP is considered corrective and a clear break of resistance at the 50-day EMA is required to signal scope for a stronger rally. This would open 940.00 and 951.80, the Sep 10 high.
  • On the data front, September trade figures will be published at 1230BST(0730ET), with analysts expecting the surplus to edge up to $1.4bn, from $1.13bn in August. Copper exports figures will also be published at the same, while nominal wage figures for August are due to follow at 1300BST(0800ET).
    • Sept. Trade Balance, est. $1.4b, prior $1.13b
    • Sept. Copper Exports, prior $4.27b
    • Aug. Nominal Wage YoY, prior 8.1%
  • Later this week, September CPI inflation takes the focus tomorrow, with the market expecting the headline rate to moderate to 4.4% y/y, from 4.7%. This will be followed by the BCCh economist survey on Thursday. Recent survey data have indicated that a further 25bp rate cut is expected at the Oct 17 MPC meeting.