CHILE: BCCh Minutes To Confirm Expectations For More Gradual Easing Pace Ahead
Sep-26 10:24
- The BCCh will publish the minutes to its Sep 9 MPC meeting at 1230BST(0730ET). At that meeting, the central bank left its policy rate unchanged at 4.75% in a unanimous decision, as expected, while striking a more hawkish tone amid persistent core CPI inflation pressures. In its subsequent Q3 MPR, the BCCh raised its headline and core CPI inflation forecasts, consistent with a more gradual easing pace to neutral ahead.
- The minutes will be watched for further clues on the timing of the next rate cut, which analysts currently expect to be delivered in December.
- Goldman Sachs will be on the lookout for discussion among directors on the recent trends of core inflation and their evaluation of the persistence of some of its components, particularly services. They will also be on the lookout for any comments by Directors regarding core goods inflation. Lastly, they will be attentive for any discussion on the state of the business cycle and the assessment of demand pressures on inflation.
- Yesterday, CLP underperformed peers, as a pullback in copper prices provided an additional headwind to the peso, amid the broad dollar strength. In a bullish development, USDCLP closed 0.9% higher at 961, above initial firm resistance at 958.77, the 20-day EMA. This move opens 977.57, the August 2 high.
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