CHILE: BCCh To Announce Countercyclical Capital Requirement
May-16 11:05
- International Economic Relations Undersecretary Claudia Sanhueza said yesterday that the government is still expecting the US to reduce tariffs back to zero as set out in the FTA between the two countries. Her comments came after talks with US Trade Representative Jamieson Greer. She also said that trade negotiations with India are a top priority and that she hopes for a deal by next March.
- Amid firmer copper prices yesterday, USDCLP closed 0.4% lower at 939, with sights still on 914.00, the Mar 18 low. Resistance to watch is 961.64, the Apr 30 high.
- Today, BCCh Governor Costa and Finance Minister Marcel are due to participate in the biannual meeting to set the country’s countercyclical financial capital requirement. The central bank is due to announce the decision at 2300BST(1800ET).
- No macro data are due today, with a busier calendar at the start of next week, when Q1 GDP and current account stats and the BCCh traders survey are all expected.
- This week’s equivalent BCCh economist survey pointed to 50bp of rate cuts in H2, but with rates on hold at the June and July MPC meetings. However, the dovish BCCh minutes yesterday suggest that risks are tilted towards the possibility of an earlier rate cut.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
OUTLOOK: Price Signal Summary - Gold Bulls remain In The Driver's Seat
Apr-16 11:03
- On the commodity front, today’s extension in Gold reinforces current bullish conditions. The yellow metal has traded to another fresh all-time high and confirmed a resumption of the primary uptrend. Note too that moving average studies are unchanged, they remain in a bull-mode position highlighting a dominant uptrend. The next objective is $3347.67, the1.382 projection of the Dec 19 - Feb 24 - Feb 28 swing. Initial firm support lies at 3092.1, the 20-day EMA.
- 0In the oil space, a bearish theme in WTI futures remains intact and the rally on Apr 9 is - for now - considered corrective. The move higher is allowing an oversold trend condition to unwind. Recent weakness has resulted in the breach of a number of important support levels, reinforcing a bearish threat. A resumption of the bear cycle would open $54.26, a 2.236 projection of the Feb 11 - Mar 5 - Apr 2 price swing. Initial firm resistance is seen at $64.85, the Mar 5 low and a recent breakout level.
EURIBOR OPTIONS: Call spread buyer
Apr-16 11:00
ERU5 98.25/98.50cs 1x2, bought for 2.5 in 3k.
MNI: US MBA: MARKET COMPOSITE -8.5% SA THRU APR 11 WK
Apr-16 11:00
- MNI: US MBA: MARKET COMPOSITE -8.5% SA THRU APR 11 WK
