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March Economic Activity Due At 1330BST / 0830ET

CHILE
  • The Chilean peso came under pressure ahead of the Labour Day holiday, as weak March macro data and a 2% decline in copper prices weighed on sentiment. The further 1.3% decline in copper today may provide an additional headwind, ahead of today’s economic activity data and tomorrow’s US payrolls figures. For USDCLP, medium-term trend conditions remain bullish, with resistance at 990.67, the Feb 26 high, around 3% above current levels. Support to watch is unchanged at 935.63, the Mar 15 low.
  • After the disappointing March retail sales and manufacturing production data earlier this week, the central bank will publish its IMACEC indicator for March at 1330BST(0830ET). Analysts expect activity to fall by 0.6% m/m (vs. +0.8% prior), bringing the annual rate of growth down to +1.1% y/y, from 4.5%. The IMCE business confidence index for April may also cross later.
    • March Economic Activity YoY, est. 1.1%, prior 4.5%
    • March Economic Activity MoM est. -0.6%, prior 0.8%
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