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CHILE: CLP Supported By Hawkish BCCh Minutes, Traders Survey Due Tomorrow

CHILE
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  • The Chilean peso is broadly unchanged against the dollar in early trade Thursday, after outperforming yesterday, following the hawkish BCCh minutes which potentially open the door to rate hikes this year. USDCLP is trading at three-month lows around the 952 level, with sights on 940.35 next, the 61.8% retracement of the upleg between Sep 27 ‘24 - Jan 3.
  • BBVA says that the minutes raise the possibility of discussions about potential hikes if inflation expectations continue to rise. This validates the willingness of markets to price in a residual probability for future rate hikes, which at the moment is as much as 55bp of hikes through to year-end.
  • On the data front, the BCCh’s traders survey is due tomorrow, which will include market participants interest rate forecasts for the comings meetings. In the previous survey, rates were seen staying on hold through March and April, although scope was still seen at that time for a further 25bp cut over a 12-month horizon.
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  • The Chilean peso is broadly unchanged against the dollar in early trade Thursday, after outperforming yesterday, following the hawkish BCCh minutes which potentially open the door to rate hikes this year. USDCLP is trading at three-month lows around the 952 level, with sights on 940.35 next, the 61.8% retracement of the upleg between Sep 27 ‘24 - Jan 3.
  • BBVA says that the minutes raise the possibility of discussions about potential hikes if inflation expectations continue to rise. This validates the willingness of markets to price in a residual probability for future rate hikes, which at the moment is as much as 55bp of hikes through to year-end.
  • On the data front, the BCCh’s traders survey is due tomorrow, which will include market participants interest rate forecasts for the comings meetings. In the previous survey, rates were seen staying on hold through March and April, although scope was still seen at that time for a further 25bp cut over a 12-month horizon.