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January Economic Activity Due At 1130GMT

CHILE
  • Following Thursday’s better-than-expected production data, USDCLP reached its initial firm support at 963.87 in yesterday’s session, before rising to close at 966.50. The pair has now retraced 2.44% from Monday’s high at 990.67, supported by the return of USD sales from the finance ministry and position unwinds at month-end. USDCLP trend conditions remain bullish, however, and short-term pullbacks are considered corrective at this juncture. Sights are 996.97, the Sep 2022 high and the psychological 1000.00 handle.
  • The strong beat of January production has prompted an upward revision to consensus for today’s economic activity (Imacec) data, scheduled for 1130GMT(0630ET). Analysts now expect a 0.7% m/m increase in activity in January, which would translate to an annual rate of +0.6% y/y. February IMCE business confidence will also cross at 1500GMT (prior 43.71).
  • On the political front, US Treasury Secretary Janet Yellen is in Chile today and will meet with BCCh President Costa and Finance Minister Marcel.
    • Jan. Economic Activity YoY, est. 0.6%, prior -1.0%
    • Jan. Economic Activity MoM est. 0.7%, prior -1.1%
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