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Finance Minister Marcel Expects Market GDP Growth Estimates To Increase

CHILE
  • In a speech at a conference organised by BTG Pactual this morning, Finance Minister Marcel said that he expects financial markets to raise their 2024 GDP growth estimates towards the government's current 2.5% forecast. The latest Bloomberg consensus is currently at 1.9%. He also said that the government is preparing new measures to stimulate construction and mortgage loans and that the weakening of CLP is due largely to the BCCh’s interest rate cuts.
  • Alongside peers in the region on the back of a rally in the greenback, the Chilean peso has come under some pressure on the open today. USDCLP is currently +0.76% at 956, with initial resistance at 959.81, the 20-day EMA.
  • On the data front, the domestic calendar remains light, with markets awaiting the US FOMC meeting tomorrow. Later today, BCCh President Costa will speak at a conference organised by LarrainVial for institutional investors.

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