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IMACEC Economic Activity Due Tomorrow

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  • USDCLP rose 2% yesterday as disappointing March activity data and a 2% decline in copper prices weighed on the peso. Some analysts remain bullish on CLP, however, with Bank of America expecting a slowdown in the pace of rate cuts and a less dovish stance from BCCh to provide support. They see USDCLP at 925 by year-end.
  • On the data front, the IMACEC economic activity index for March will be released when markets re-open from the Labour Day holiday tomorrow. Consensus is for a slowdown in growth to 1.2% y/y, from 4.5%.
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  • USDCLP rose 2% yesterday as disappointing March activity data and a 2% decline in copper prices weighed on the peso. Some analysts remain bullish on CLP, however, with Bank of America expecting a slowdown in the pace of rate cuts and a less dovish stance from BCCh to provide support. They see USDCLP at 925 by year-end.
  • On the data front, the IMACEC economic activity index for March will be released when markets re-open from the Labour Day holiday tomorrow. Consensus is for a slowdown in growth to 1.2% y/y, from 4.5%.