Andeans Macro Daily(Beta Mode)
Andean FX Weakens on Oil Slump
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| MSCI Colombia | 9.02 | +0.00% |
| MSCI Chile | 38.85 | -1.09% |
| MSCI Peru | 80.07 | -2.29% |
| USD/COP | 3,693.05 | +0.01% |
| USD/CLP | 915.00 | +2.01% |
| USD/PEN | 3.46 | +2.80% |
| Copper | 5.75 | +0.63% |
| Gold | 5,003.50 | -0.97% |
| Brent Crude | 98.38 | -4.62% |
| Bitcoin | 73,726.25 | +1.29% |
| Colombia 10Y Govt Yield | - | - |
| Chile Short-term Rate | 4.64% | -2.32% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
USD/CLP FX Pair | Type: market_hloc | USD/CLP: 915 (2026-03-13) | Range: 852.4–917.4 | Trend(6pt): 913.8,894.8,862.4,861.6,896.9,915
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- Andean currencies depreciated against a firm USD, with CLP and PEN facing the steepest losses amid commodity volatility.
- Equity indices declined in Chile and Peru due to falling gold and oil prices, while Colombia's remained unchanged.
- Copper prices rose modestly, offering partial relief to export sectors in Chile and Peru.
Yesterday's Recap
Andean markets displayed mixed but predominantly negative performance on March 15, with no significant economic data releases in Colombia, Chile, or Peru. The MSCI Chile index declined 1.09% to 38.85, weighed down by a 2.01% increase in USD/CLP to 915.00, underscoring exposure to global commodity fluctuations. Likewise, the MSCI Peru index fell 2.29% to 80.07, intensified by a 2.80% rise in USD/PEN to 3.46, as gold prices dropped 0.97% to 5,003.50.
In contrast, the MSCI Colombia index held steady at 9.02, with USD/COP rising minimally by 0.01% to 3,693.05, somewhat insulated by oil ties despite Brent crude's sharp 4.62% decline to 98.38. Copper prices increased 0.63% to 5.75, delivering a minor boost to mining-dependent economies in Chile and Peru, though prevailing risk aversion overshadowed gains. Chile's short-term rate decreased to 4.64% with a -2.32% change, indicating continued easing to support growth amid fiscal challenges.
The day emphasized the region's commodity reliance, with Chile and Peru most affected by currency and stock market pressures.
The Day Ahead
March 16 features a sparse Andean economic calendar, with no planned data releases for Colombia, Chile, or Peru, shifting focus to external drivers like commodity prices. Market participants will track oil and metal movements, as further Brent weakness could strain Colombia's budget. In Chile, lithium industry news may emerge amid export issues, potentially influencing sentiment.
For Peru, copper supply updates could affect PEN dynamics in a low-data environment. Overall, USD strength and emerging market flows are expected to guide near-term currency trends, with vigilance for any impromptu central bank statements on FX stability.
Other Economic Notes
Andean economies remain heavily linked to commodities, with Chile and Peru reliant on copper and gold exports, while Colombia contends with oil price swings and budget shortfalls. Political uncertainties, including policy reforms in Colombia, persist in eroding investor trust and elevating borrowing costs. Chile's lithium prospects present growth avenues but encounter regulatory obstacles, highlighting the need for diversification beyond traditional mining.
