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CHILE: USDCLP Moderately Lower as BCCh Minutes Lean Hawkish

CHILE
BulletEM BulletEmerging Market News
  • USDCLP is opening with a moderate gap lower amid a hawkish lean to the BCCH minutes. In the January statement, the central bank board say they would “evaluate the next movements of the TPM taking into account the evolution of the macroeconomic scenario and its implications for inflationary convergence”.
  • The minutes provide more details, indicating that one member added “that it should be made clear that the Bank would act with appropriate severity, which implied being willing to change the direction of monetary policy and move rates upwards, if necessary.”
  • A caveat has been provided that this was not the most likely scenario, highlighting “that the next IPoM would provide new background information that would allow for a better assessment of this matter.”
  • As noted, the recent move lower in USDCLP reinforces current bearish conditions and signals scope for an extension towards 940.35, the 61.8% retracement of the upleg between Sep 27 ‘24 - Jan 3.
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  • USDCLP is opening with a moderate gap lower amid a hawkish lean to the BCCH minutes. In the January statement, the central bank board say they would “evaluate the next movements of the TPM taking into account the evolution of the macroeconomic scenario and its implications for inflationary convergence”.
  • The minutes provide more details, indicating that one member added “that it should be made clear that the Bank would act with appropriate severity, which implied being willing to change the direction of monetary policy and move rates upwards, if necessary.”
  • A caveat has been provided that this was not the most likely scenario, highlighting “that the next IPoM would provide new background information that would allow for a better assessment of this matter.”
  • As noted, the recent move lower in USDCLP reinforces current bearish conditions and signals scope for an extension towards 940.35, the 61.8% retracement of the upleg between Sep 27 ‘24 - Jan 3.