Andeans Macro Daily(Beta Mode)
Andean Currencies Diverge Amid Commodity Moves
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| MSCI Colombia | 9.02 | +0.00% |
| MSCI Chile | 40.99 | -0.05% |
| MSCI Peru | 88.75 | -0.15% |
| USD/COP | 3,436.67 | -0.64% |
| USD/CLP | 899.40 | +1.47% |
| USD/PEN | 3.38 | +1.07% |
| Copper | 6.35 | -0.40% |
| Gold | 4,164.50 | -1.41% |
| Brent Crude | 79.99 | +0.18% |
| Bitcoin | 62,496.16 | -0.64% |
| Colombia 10Y Govt Yield | - | - |
| Chile Short-term Rate | 4.50% | +0.00% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
Chile Policy Rate Context | Type: macro_line | Chile Rate %: 4.5 (2026-03-01) | Range: 0.54–11.25 | Trend(5pt): 0.54,10.75,9,5,4.5
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- MSCI Chile and Peru edged lower while Colombia held flat amid mixed commodity moves.
- USD/CLP and USD/PEN rose over 1% as copper and gold declined; USD/COP fell 0.64%.
- Chile’s short-term rate held at 4.50% with no major data releases across the bloc.
Yesterday's Recap
Andean markets saw limited movement on June 18 with no scheduled economic releases in Colombia, Chile or Peru. MSCI Chile fell 0.05% to 40.99 while MSCI Peru declined 0.15% to 88.75, reflecting softer copper and gold prices. MSCI Colombia remained unchanged at 9.02.
USD/CLP jumped 1.47% to 899.40 and USD/PEN gained 1.07% to 3.38, whereas USD/COP eased 0.64% to 3,436.67. Copper dropped 0.40% to 6.35 and gold fell 1.41% to 4,164.50, pressuring Chile and Peru’s external accounts. Brent crude rose modestly 0.18% to 79.99, offering minor support to Colombia’s fiscal outlook.
Chile’s short-term rate stayed at 4.50% with no policy action.
The Day Ahead
No major data releases or central bank meetings are scheduled for Colombia, Chile or Peru on June 19-20. Markets will monitor global commodity prices for further direction on CLP and PEN. Copper and gold moves remain key inputs for Chile and Peru fiscal and current-account forecasts.
Colombia’s oil balance will stay sensitive to Brent levels near 80. Traders await any comments from BanRep or BCCh officials on inflation paths. Thin calendars typically amplify external drivers for Andean FX and equities.
Other Economic Notes
Copper prices below recent highs weigh on Chile’s royalty revenues and Peru’s mining exports, though both countries retain narrower current-account deficits than Colombia. Lithium price stabilization near 13,000 dollars per tonne provides limited fiscal relief for Chile without supporting the CLP. Colombia’s oil-related fiscal gap near 4.5% of GDP persists while Brent trades under 80.
Regional equities remain sensitive to global growth signals given heavy commodity exposure. Divergent FX performance highlights differing terms-of-trade sensitivities across the three economies.
Global Macro News
The ECB Deposit Rate sits at 2.25%, anchoring euro-area financing conditions that influence emerging-market flows into Andean assets. Eurozone unemployment at 6.70% signals steady but uninspiring growth that caps risk appetite for commodity currencies. Copper’s decline tracks broader concerns over global manufacturing momentum, hitting Chile and Peru hardest.
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