Andeans Macro Daily(Beta Mode)
Andean FX Strengthens on Metals Rally
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| MSCI Colombia | 9.02 | +0.00% |
| MSCI Chile | 38.50 | -0.90% |
| MSCI Peru | 77.04 | +0.12% |
| USD/COP | 3,676.88 | -0.88% |
| USD/CLP | 910.68 | -1.82% |
| USD/PEN | 3.46 | -0.41% |
| Copper | 5.54 | +2.16% |
| Gold | 4,559.80 | +3.65% |
| Brent Crude | 94.45 | -9.61% |
| Bitcoin | 71,473.84 | +1.36% |
| Colombia 10Y Govt Yield | - | - |
| Chile Short-term Rate | 4.50% | -3.02% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
Chile Policy Rate vs CPI | Type: macro_line | Chile Policy Rate (%): 4.5 (2026-01-01) | Range: 0.3–11.25 | Trend(6pt): 0.3,8.77,10.25,5.4,4.64,4.5
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- Andean currencies gained vs USD, led by CLP, amid copper and gold surges.
- Equities mixed: Chile down, Peru up slightly, Colombia flat.
- Colombian military plane crash kills 69, may pressure sentiment.
Yesterday's Recap
Andean markets displayed mixed performance with currencies strengthening against the USD. USD/COP declined 0.88% to 3,676.88, USD/CLP fell 1.82% to 910.68, and USD/PEN dropped 0.41% to 3.46, buoyed by commodity gains. Copper prices rose 2.16% to 5.54, supporting Chile and Peru's export-heavy economies.
MSCI Chile decreased 0.90% to 38.50, amid ongoing fiscal concerns, while MSCI Peru increased 0.12% to 77.04, helped by gold's 3.65% rise to 4,559.80. MSCI Colombia remained unchanged at 9.02 with +0.00% movement, despite Brent crude's 9.61% drop to 94.45, which could strain oil-dependent revenues. A Colombian military plane crash in the southern Amazon region resulted in 69 deaths, described as a tragic accident with unclear causes, potentially elevating political risks and sovereign spreads.
Chile's short-term rate fell to 4.50% with a -3.02% change, indicating easing monetary conditions amid export challenges. Commodity movements drove the session, with Peru gaining from metals diversification while Colombia faced oil headwinds.
The Day Ahead
No major economic events are scheduled for March 26 in the Andean region, leaving markets to process recent commodity fluctuations and external risks. Attention may shift to developments in Colombia's plane crash investigation, which could affect fiscal policy discussions in Bogota. In Chile, lithium production updates might draw focus amid soft global prices, while Peru could see scrutiny on mining royalties if copper maintains upward momentum, influencing central bank reserve strategies.
Global factors, such as easing Middle East tensions, may support Andean currency stability. Trading is expected to be subdued absent new shocks.
Other Economic Notes
Andean economies remain tied to commodities, with Chile and Peru exposed to copper volatility from global demand shifts, and Colombia dependent on oil for fiscal health. The Colombian crash highlights political vulnerabilities, complicating reforms in pensions and taxes, which may push deficits toward 3-4% of GDP. Chile's lithium sector provides diversification potential but is limited by current price weakness, contributing modestly to growth at 0.5-1% annually.
Regional challenges include balancing export revenues with inflation control, amid divergent monetary policies.
