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Q1 GDP Due Amid Heightened Political Uncertainty

CHILE
  • USDCLP posted the highest daily close since April 6 as the Peso plunged following the weekend's election results. The Camara curve bear steepened and the IPSA index fell close to 10% to levels not seen since December 2020.
  • Heightened uncertainty likely to keep local assets volatile with a fragmented political backdrop, with a seeming advantage for politicians on the left of the political spectrum. Citi note that despite the turbulent price action, they see scope for fading the CLP move as spot gradually stabilizes.
  • DATA TODAY:
    • 18-May 1330BST/0830ET – Chile Q1 GDP (Est 3.8% q/q vs 6.8% prior)
    • 18-May 1330BST/0830ET – Chile Q1 GDP (Est 0.5% y/y vs 0.0% prior)
    • 18-May 1330BST/0830ET – Chile Q1 Current Account (Est $150m vs $503m prior)

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