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USDCLP Remains Close To Cycle High

CHILE
  • The Chilean peso has opened moderately weaker today, as copper prices have moved lower at the start of the week. USDCLP remains close to resistance at 985.84, which it briefly pierced last week. As noted previously, there is more notable resistance beyond this, just short of the 1000 mark, representing various highs from the second half of 2022.
  • Despite recent FX weakness, Scotiabank do not believe that this is a problem for monetary policy since inflation is around 3% and any FX pass-through on tradable goods and eventual second round effects will be mitigated by a weak cyclical position. They continue to see scope for the policy rate to move below neutral in the second half of the year and do not expect any FX intervention from BCCh.
  • Data wise, there nothing in the calendar today. More important unemployment and activity data for January will cross later this week.
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