Andeans Macro Daily(Beta Mode)
Andean FX Mixed Amid Commodity Volatility
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| MSCI Colombia | 9.02 | +0.00% |
| MSCI Chile | 38.88 | +1.25% |
| MSCI Peru | 76.68 | -0.04% |
| USD/COP | 3,668.81 | -0.50% |
| USD/CLP | 922.71 | +0.66% |
| USD/PEN | 3.49 | +2.93% |
| Copper | 5.52 | +1.02% |
| Gold | 4,564.20 | +1.61% |
| Brent Crude | 107.71 | -4.32% |
| Bitcoin | 67,520.53 | +2.37% |
| Colombia 10Y Govt Yield | - | - |
| Chile Short-term Rate | 4.50% | -3.02% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
Brent Crude Price Trend | Type: macro_line | Brent Price: 103.8 (2026-03-23) | Range: 59.93–133.2 | Trend(6pt): 63.52,120.8,97.1,73.19,118.4,103.8
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- Chilean equities advanced on copper gains, while Peruvian FX weakened sharply.
- Colombian peso strengthened despite Brent crude decline.
- Global commodities provided mixed support to Andean exporters.
Yesterday's Recap
Andean markets displayed varied performances amid commodity price fluctuations and a strengthening USD against most regional currencies. In Chile, MSCI Chile rose 1.25% to 38.88, supported by a 1.02% increase in copper prices to 5.52, which bolstered mining sector sentiment as Chile remains a top global producer. Peru's MSCI Peru dipped slightly by 0.04% to 76.68, pressured by a 2.93% increase in USD/PEN to 3.49 indicating PEN weakening, though gold's 1.61% rise to 4,564.20 offered some offset for its export-dependent economy.
Colombia's MSCI Colombia held flat at 9.02 with a 0.00% change, aided by a 0.50% decline in USD/COP to 3,668.81 reflecting COP appreciation, despite a 4.32% drop in Brent crude to 107.71 that weighed on oil revenues. Sovereign yields were mixed, with Chile's short-term rate falling 3.02% to 4.50%, reflecting ongoing monetary easing. Overall, commodity volatility dominated moves, with Bitcoin's 2.37% gain to 67,520.53 providing minor risk-on tailwinds but limited direct impact on Andean assets.
The Day Ahead
The Andean calendar remains light with no major data releases scheduled for today across Colombia, Chile, or Peru. Investors will monitor any unscheduled announcements from central banks, particularly BanRep in Colombia, amid persistent inflation concerns. Attention may shift to commodity markets, where copper and gold prices could influence Chilean and Peruvian FX dynamics.
Broader EM sentiment could be swayed by global developments, including any updates on U.S. academic releases from Afghanistan that might affect diplomatic ties. Expect quiet trading unless external shocks emerge, with focus on potential fiscal policy hints from Peru ahead of any election-related jitters.
Other Economic Notes
Colombia's tech sector is emerging as a Latin American hub but faces challenges in attracting sufficient investment, potentially limiting growth contributions to GDP. Chile's lithium ambitions continue to evolve, though current market oversupply pressures could delay revenue boosts from this sector. Peru's stable macroeconomic framework supports its commodity-driven exports, yet fiscal deficits remain a watchpoint amid global gold and copper trends.
Global Macro News
Global markets reacted to mixed commodity signals, with copper and gold gains supporting resource-heavy economies like those in the Andes, while Brent crude's decline pressured oil exporters such as Colombia. (cont...)
