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CHILE: USDCLP Rises 1.2%, Focus On Monday’s BCCh Minutes

CHILE
BulletEM BulletEmerging Market News
  • The Chilean peso is underperforming again today, amid concerns over the outlook in China, with USDCLP rising another 1.2% at typing to 1017. The move takes total gains for USDCLP since the start of the year to 2.2%, taking the pair to the highest level since July 2022.
  • As noted, having broken the psychological 1000.00 handle, further strength for USDCLP places the focus on 1032.29, a Fibonacci projection level, before 1061, the 2022 high.
  • Datawise, attention turns to the central bank minutes to its December MPC meeting, which will be published on Monday. After cutting interest rates last month, the BCCh policy statement struck a more cautious tone, pointing to a pause at the January 28 monetary policy meeting and a slower pace of rate cuts beyond that. Following the minutes, December CPI inflation next Wednesday will also be key to gauging the near-term interest rate outlook.
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  • The Chilean peso is underperforming again today, amid concerns over the outlook in China, with USDCLP rising another 1.2% at typing to 1017. The move takes total gains for USDCLP since the start of the year to 2.2%, taking the pair to the highest level since July 2022.
  • As noted, having broken the psychological 1000.00 handle, further strength for USDCLP places the focus on 1032.29, a Fibonacci projection level, before 1061, the 2022 high.
  • Datawise, attention turns to the central bank minutes to its December MPC meeting, which will be published on Monday. After cutting interest rates last month, the BCCh policy statement struck a more cautious tone, pointing to a pause at the January 28 monetary policy meeting and a slower pace of rate cuts beyond that. Following the minutes, December CPI inflation next Wednesday will also be key to gauging the near-term interest rate outlook.