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January Retail Sales Fell 2.3% y/y, But Trend Improving

CHILE
  • The Chilean peso has opened firmer on Tuesday, continuing the outperformance of regional peers that was seen through yesterday’s session. USDCLP is currently trading ~0.35% lower on the day at around 963, following a 0.55% move lower yesterday. Nonetheless, price action is still considered corrective following a resumption of the medium-term uptrend last week, and the topside focus remains on 985.84 next, the Oct 25 ‘22 high.
  • Data wise, Itau report that retail sales fell by 2.3% y/y in nominal terms in January according to BCCh figures, following a 3.1% decline in December and 6.2% drop in November. In real terms, retail sales fell by 5.9% y/y, vs. -6.7% prior. Although sales have fallen for 19 consecutive months now, Itau note that the January contraction was milder than previous months and they expect private consumption to gradually recover this year, as interest rates and inflation fall.
  • Looking ahead, there is nothing in the local docket today. The rest of the week is quiet too, with only PPI data for January to note on Friday.
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