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Peso Depreciates After CPI Miss

CLP

Spot USD/CLP opens on the front foot following the release of below-forecast Chilean CPI data earlier today. The rate last deals at 888.63, almost 4 figs higher on the day, with bulls targeting Dec 16, 2022 high of 893.22.

  • Chile's headline inflation slowed to +5.3% Y/Y in August from +6.5% prior, printing below the +5.6% median estimate. On a sequential basis, prices rose just 0.1% M/M versus +0.4% expected.
  • Chile's central bank delivered a 75bp rate cut earlier this week, while forward guidance supported expectations of two more back-to-back 75bp rate reductions in the course of this year.

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