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FX Weakness Puts Focus On Next Week’s BCCh Minutes

CHILE
  • Despite yesterday’s higher than expected CPI inflation data, USDCLP broke to fresh 15-month highs in an impressive 2% intra-day reversal. Further strength for USDCLP was evident on the open this morning, although we have moderated off the 973.00 highs in recent trade.
  • With the focus on rate cutting cycles across the Latam region and the implications for real rates, BCCh’s aggressive front-loaded cycle stands out. Further large rate cuts ahead could keep the peso under pressure. After breaking resistance at 962.84, the Oct 25 ‘22 low, yesterday, the next level of note is 985.84, the Oct 25 ‘22 high.
  • There is nothing scheduled in the domestic data calendar today. Looking ahead, the focus next week will be on the minutes to the recent BCCh policy meeting and any insight these provide into policymakers concerns about the currency and the potential implications for the rate cutting cycle.
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