CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

MNI BRIEF: Fed's Goolsbee Sees Rates Fair Bit Lower In A Year

CANADA JOBLESS RATE +6.8% VS FORECAST +6.6%, PRIOR +6.5%

MNI China Daily Summary: Friday, December 6

MNI: PBOC Net Drains CNY288.1 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1848 Fri; -1.64% Y/Y

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

CHILE: USDCLP Rises Back Above 900 Level After Weak Activity Data

CHILE
EM BulletBulletGlobalEmerging Market NewsRegion
  • The Chilean peso came under pressure yesterday after weak economic activity data kept the door firmly open to further interest rate cuts. USDCLP rose by 0.69% to close at 905 after the 0.2% m/m decline in the IMACEC activity index in August, which was below consensus for a 0.3% rise.
  • BBVA says that the weaker-than-expected data should keep inflationary pressures from building and allow the dovish policy from the central bank to continue. They also believe that copper prices have stabilised, which should also limit the potential for further declines in USDCLP meaningfully below 900 for now.
  • No macro data are due today, with the next releases in the local calendar scheduled to be September trade and CPI inflation figures, across October 7/8. The next BCCh monetary policy meeting is scheduled for October 17, when recent survey data have suggested that another 25bp rate cut is expected.
145 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • The Chilean peso came under pressure yesterday after weak economic activity data kept the door firmly open to further interest rate cuts. USDCLP rose by 0.69% to close at 905 after the 0.2% m/m decline in the IMACEC activity index in August, which was below consensus for a 0.3% rise.
  • BBVA says that the weaker-than-expected data should keep inflationary pressures from building and allow the dovish policy from the central bank to continue. They also believe that copper prices have stabilised, which should also limit the potential for further declines in USDCLP meaningfully below 900 for now.
  • No macro data are due today, with the next releases in the local calendar scheduled to be September trade and CPI inflation figures, across October 7/8. The next BCCh monetary policy meeting is scheduled for October 17, when recent survey data have suggested that another 25bp rate cut is expected.