Andeans Macro Daily(Beta Mode)
Andean FX Pressured, Peru Stocks Dip
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| MSCI Colombia | 9.02 | +0.00% |
| MSCI Chile | 39.76 | -0.03% |
| MSCI Peru | 76.63 | -2.07% |
| USD/COP | 3,673.75 | -0.82% |
| USD/CLP | 915.13 | +0.91% |
| USD/PEN | 3.46 | +0.88% |
| Copper | 5.46 | +0.50% |
| Gold | 4,642.80 | +0.92% |
| Brent Crude | 105.12 | -3.25% |
| Bitcoin | 70,630.62 | +1.03% |
| Colombia 10Y Govt Yield | - | - |
| Chile Short-term Rate | 4.50% | -3.02% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
MSCI Peru ETF Performance | Type: market_hloc | EPU Price: 76.63 (2026-03-19) | Range: 71.95–93.84 | Trend(5pt): 72.08,82.26,85.17,93.84,76.63
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- Andean currencies showed mixed moves amid falling Brent prices, with CLP and PEN depreciating over 0.8% against USD while COP strengthened 0.82%.
- MSCI Peru fell 2.07% on copper volatility, while Chile edged down 0.03% and Colombia held flat.
- Commodities mixed: copper up 0.50%, gold +0.92%, but Brent down 3.25% weighing on regional sentiment.
Yesterday's Recap
Andean markets showed mixed performance on March 19, with Peru's equity index leading declines as MSCI Peru dropped 2.07% to 76.63 amid copper market jitters from Middle East tensions. Chile's MSCI index edged down 0.03% to 39.76, reflecting modest pressure on the CLP which weakened 0.91% to 915.13 against the USD, though copper prices rose 0.50% to 5.46 providing some offset. Colombia's MSCI held flat at 9.02 with no change, supported by a stronger COP appreciating 0.82% to 3,673.75 versus the USD despite Brent crude falling 3.25% to 105.12.
Gold's 0.92% gain to 4,642.80 bolstered Peru's mining sector outlook, while Chile's short-term rate declined 3.02% to 4.50%, signaling easing monetary conditions. Overall, commodity dynamics dominated, with Peru facing the most volatility from metals exposure and Colombia benefiting from relative FX stability. No major data releases occurred, but news of Chile's potential easing of environmental regulations added to fiscal optimism in copper-dependent sectors.
The Day Ahead
Attention turns to potential Chilean fiscal updates, as markets await details on lithium project advancements amid global battery demand. Peru may see mining sector reports, with focus on silver developments following Patriot Resources' new MD appointment for its Peruvian project. Colombia could release preliminary trade balance figures, highlighting oil export trends given recent Brent volatility.
Broader Andean events include monitoring for any BCRP signals on reserve management. No formal calendar events are scheduled, but ad-hoc policy announcements from BanRep on inflation could emerge. Expect commodity prices to drive intraday moves, particularly copper for Chile and Peru.
Other Economic Notes
Broader Andean themes include diverging commodity reliance, with Chile's copper and emerging lithium sectors supporting fiscal surpluses, while Peru's gold and silver mining bolsters reserves amid global price rallies. Colombia faces headwinds from oil price drops, potentially pressuring fiscal balances despite reform efforts. Political risks remain elevated, as Chile's shift toward easing environmental rules could enhance investment but raise sustainability concerns.
