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CHILE: December Nominal Wages Due

CHILE
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  • USDCLP is broadly unchanged in early trade Thursday, keeping the pair close to the 970 level. around 2.4% below last week’s highs ahead of the latest tariff developments. Losses for the pair over that period follow a rebound in copper prices in recent days and potential easing of concerns of a further escalation in US-China relations. The move has narrowed the gap to 966.86, the Dec 6 low. Clearance of this level would open the 960.00 handle.
  • On the data front, nominal wage figures for December cross at 1200GMT(0700ET). In November, wages rose by 8.5% y/y, following an 8.2% gain the month before. Following these data, focus turns to tomorrow’s January CPI inflation figures, which are expected to show a further pick-up in the headline inflation rate to 4.8% y/y, on the back of another increase in electricity tariffs.
  • Alongside this week’s stronger-than-expected economic activity data, which showed economic growth accelerating to its fastest pace since Jan 2022, this would support the central bank’s decision to signal an extended pause to its easing cycle last month.
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  • USDCLP is broadly unchanged in early trade Thursday, keeping the pair close to the 970 level. around 2.4% below last week’s highs ahead of the latest tariff developments. Losses for the pair over that period follow a rebound in copper prices in recent days and potential easing of concerns of a further escalation in US-China relations. The move has narrowed the gap to 966.86, the Dec 6 low. Clearance of this level would open the 960.00 handle.
  • On the data front, nominal wage figures for December cross at 1200GMT(0700ET). In November, wages rose by 8.5% y/y, following an 8.2% gain the month before. Following these data, focus turns to tomorrow’s January CPI inflation figures, which are expected to show a further pick-up in the headline inflation rate to 4.8% y/y, on the back of another increase in electricity tariffs.
  • Alongside this week’s stronger-than-expected economic activity data, which showed economic growth accelerating to its fastest pace since Jan 2022, this would support the central bank’s decision to signal an extended pause to its easing cycle last month.