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USDCLP Rises 2.5% Amid Copper Pullback, BCCh Decision Awaited

CHILE
  • USDCLP extended its recovery on Wednesday, closing up 2.47% at 910.07. Price action was largely reflective of the ~6% pullback for copper prices and may have been exacerbated following the local holiday closure on Tuesday. Furthermore, some profit taking dynamics were likely in play ahead of today’s BCCh MPC meeting, where the central bank is widely expected to cut by 50bp to 6.0%.
    • Increased uncertainty over the macro outlook and recent upside inflation surprises have prompted the central bank to adopt a more cautious stance as it moves into the latter stages of its easing cycle.
    • That said, the recent appreciation of the Chilean peso on the back of the surge in the copper price should ease concerns about the inflation outlook and reduces the need for any major shift in the policy stance at this juncture.
    • The full MNI preview with analyst views is here.
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