Andean FX Firms, Chile Stocks Rally

Market Snapshot

Asset	Level	Change
MSCI Colombia	9.02	+0.00%
MSCI Chile	43.85	+2.10%
MSCI Peru	87.09	-0.56%
USD/COP	3,578.58	-0.55%
USD/CLP	886.16	-0.98%
USD/PEN	3.39	+0.48%
Copper	6.08	+0.21%
Gold	4,824.00	-0.02%
Brent Crude	96.02	+1.30%
Bitcoin	74,000.02	-0.24%
Colombia 10Y Govt Yield	-	-
Chile Short-term Rate	4.50%	-3.02%

Prior Economic Events

Data	Prior	Cons	Actual
No events available

Today's Economic Events

Data	Prior	Cons	Time
No events available

Andean currencies mostly strengthened vs USD on commodity support, led by CLP's 0.98% gain.
MSCI Chile surged 2.10% amid copper's 0.21% rise; Peru dipped 0.56% despite Brent's 1.30% jump.
Quiet calendar; IMF trims global forecast but lifts Brazil's, aiding LatAm sentiment.

Yesterday's Recap

Andean markets displayed mixed results yesterday, with currencies largely firming against a softer USD. Chile's MSCI index advanced 2.10% to 43.85, supported by copper's modest 0.21% increase to 6.08, crucial for its export-driven economy. Peru's MSCI index declined 0.56% to 87.09, despite gold's near-flat performance at -0.02% to 4,824.00, possibly due to broader market caution.

Colombia's MSCI index held steady at 9.02 with no change, bolstered by Brent crude's 1.30% rise to 96.02, benefiting its oil-reliant sectors. In FX, USD/CLP fell 0.98% to 886.16 and USD/COP dropped 0.55% to 3,578.58, indicating currency appreciation, while USD/PEN increased 0.48% to 3.39, showing slight PEN weakening amid mixed commodity pressures. Chile's short-term rate decreased 3.02% to 4.50%, suggesting potential easing to support growth.

Bitcoin edged down 0.24% to 74,000.02, with limited regional relevance. The absence of key data releases shifted focus to global commodity dynamics impacting Andean export revenues and fiscal stability.

The Day Ahead

No scheduled economic events for Colombia, Chile, or Peru today, maintaining a light calendar. Markets may react to any impromptu central bank statements on currency management, given recent FX fluctuations. Attention will center on commodity prices, with copper and oil movements likely influencing CLP and COP intraday.

In Peru, political updates on fiscal reforms could add volatility if announcements surface. Andean assets are expected to follow emerging market trends, potentially affected by IMF's cautions on global growth amid geopolitical risks.

Other Economic Notes

Andean economies remain tied to commodities, exposing Chile and Peru to copper price swings, especially with signals of subdued Chinese demand. Colombia gains from robust Brent prices, aiding fiscal positions despite ongoing inflation challenges. Chile's lithium initiatives offer diversification potential, though regulatory and environmental issues may delay progress.

Overall, regional growth hinges on export stability and global demand recovery.

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Global Macro News

Global developments influence Andeans via commodities and risk flows. The IMF reduced its 2026 global growth projection, warning of recession risks from conflicts, but upgraded Brazil's GDP outlook, which could positively spill over to neighbors like Colombia and Peru through trade ties. Copper climbed to a six-week high on optimism for US-Iran peace talks, alleviating Middle East tensions and favoring Chile and Peru as major producers.

Additional copper gains erased prior war-related losses, with prices benefiting from negotiation prospects. China's Q1 trade figures solidified its role as a global economic stabilizer, potentially boosting Andean exports if demand strengthens. ECB's deposit rate stands at 2.00% as of April 14, 2026, indicating stable Eurozone policy that may affect EM capital inflows.

Eurozone unemployment at 6.70% as of January 2023 highlights labor market strength, supporting broader risk appetite. In mining news, Taseko updated production at Florence Copper and Gibraltar, while Copper appointed new leadership to drive growth. OR Royalties acquired a precious metals stream on Canadian Copper's assets.

Brazil's Amazon bioeconomy scholarships aim to foster sustainable development, with indirect regional relevance. These elements point to guarded positivity for Andean markets amid moderated global expansion.

Andean Central Banks Watch

Andean central banks exhibit varied policies shaped by inflation and growth needs. Colombia's BanRep maintains a cautious stance, holding rates steady in recent sessions to address persistent inflation above its 3% target and ensure policy credibility amid fiscal strains. Chile's BCCh, adopting an easing approach, cut its short-term rate to 4.50%, prioritizing economic stimulation through reduced borrowing costs to counter copper-related headwinds and encourage investments.

Peru's BCRP focuses on stability, actively managing reserves via FX interventions to mitigate PEN volatility and preserve export edges, with no recent rate adjustments. These differences reflect Colombia's inflation focus, Chile's growth support, and Peru's balanced reserve strategy. Committees emphasize data-driven decisions, with no detailed vote splits in recent updates.

Andeans Macro Daily(Beta Mode)