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USDCLP Weakens 1.25% Following Higher Inflation Data, Camara Swap Rates Rise

CHILE
  • The considerably higher-than-expected inflation data for Chile has quickly sapped any expectations of the central bank accelerating the easing pace in December, with the peso and the Camara curve shifting higher at the open.
  • USDCLP trades 1.25% lower from yesterday’s close, extending the pesos recovery from the week’s worst levels. The trend outlook in remains bearish and the pair once again trades below key short-term support at 873.00, the Nov 3 low. The break of this level has strengthened a bearish threat and signals scope for a deeper retracement towards 837.45, the Aug 25 low.
  • Camara swap rates are also extending the shift higher, after notably underperforming regional peers yesterday. Pressure has been concentrated in the belly of the curve with 5yr swap rates rising 21bps.
  • Chile Camara Swaps:
    • 1-yr +8 bps at 6.87%
    • 2-yr +13 bps at 5.73%
    • 5-yr +21 bps at 5.11%
    • 10-yr +12 bps at 5.11%
    • 30-yr +19 bps at 5.27%
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