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CLP Outperforming At The Open, Greenback Maintains Upward Trajectory

LATAM FX
  • Chile’s economic growth picked up at the start of the year, as resilient consumer spending buoyed the recovery from recession. Gross domestic product grew 0.8% in the first quarter from the prior three months and despite being marginally below the surveyed estimate, the confirmation of growth is underpinning some CLP outperformance in early trade with an additional positive surprise coming from the current account moving into surplus.
  • BRL weakening largely in line with its Mexican counterpart as the greenback maintains its upward trajectory. Headlines overnight suggesting that the fiscal framework bill now has a rule that will allow government to spend more this year and the next may be acting as an additional real headwind. Estado reported that rapporteur Claudio Cajado changed the text to allow government to spend around BRL80b more in the next two years; Lower House employees confirmed the change, but said that extra spending will be only BRL42b.
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