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Traders Expect BCCh To Slow Easing Pace Next Week

CHILE
  • Earlier, the BCCh traders survey revealed that a 75bp rate cut to 6.5% is expected at the MPC meeting next week, corroborating the results of the central bank economist survey. This suggests a slowdown in the easing pace is the most likely scenario at the April 2 meeting. Beyond that, traders expect a further 75bp move in May, followed by 50bp in June, with the policy rate declining to 4.25% in 12 months’ time.
    • Meanwhile, traders see USDCLP at 965 in 28 days’ time. USDCLP medium-term trend conditions remain bullish and attention is on the resistance and bull trigger at 990.67, the Feb 26 high. On the downside, key support has been defined at 935.63, the Mar 15 low.
    • No other data are due for release today, with attention turning to activity data for the month of February tomorrow. Meanwhile, Economy Minister Nicolas Grau is participating in a regional economy event in the Biobio region today. Separately, Mining Minister Aurora Williams will speak at an event on decarbonization in Santiago at 1200GMT(0900ET).
    • In other news, the government has unveiled new areas that will be opened up to lithium mining as part of a plan to double output over the next decade. Companies will have 60 days beginning in April to request more information on the salt flats that are open to investment, and the government expects 3-4 new projects to be under development by 2026.
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