Andeans Macro Daily(Beta Mode)
Colombia's Deficit Fears Weigh on Peso
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| MSCI Colombia | 9.02 | +0.00% |
| MSCI Chile | 40.50 | -1.20% |
| MSCI Peru | 91.56 | -0.80% |
| USD/COP | 3,223.23 | +0.68% |
| USD/CLP | 933.85 | +0.25% |
| USD/PEN | 3.36 | +1.89% |
| Copper | 6.59 | -0.07% |
| Gold | 4,431.00 | -0.00% |
| Brent Crude | 92.11 | +1.79% |
| Bitcoin | 77,954.25 | -0.76% |
| Colombia 10Y Govt Yield | - | - |
| Chile Short-term Rate | 4.50% | +0.00% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
Chile Short-Term Rate | Type: macro_line | Percent: 4.5 (2026-06-01) | Range: 2.29–11.25 | Trend(5pt): 2.29,11.25,7.25,5,4.5
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- Colombia’s 9.4% deficit and $11 billion extra borrowing plan trigger peso slump
- MSCI Chile and Peru fall 1.20% and 0.80% as copper edges lower
- USD/COP, USD/CLP and USD/PEN all rise, led by 1.89% PEN depreciation
Yesterday's Recap
Colombia’s incoming administration disclosed a 9.4% fiscal deficit and plans to raise an additional $11 billion this year through new issuance and debt swaps, prompting an immediate sell-off in COP assets. USD/COP climbed 0.68% to 3,223.23 while MSCI Colombia held flat at 9.02. In Chile, MSCI Chile declined 1.20% to 40.50 as copper slipped 0.07% to 6.59 despite Brent crude rising 1.79% to 92.11.
Peru’s MSCI index fell 0.80% to 91.56 and USD/PEN jumped 1.89% to 3.36. Gold remained unchanged at 4,431.00, offering little support to Peruvian reserves. Chile’s short-term rate stayed at 4.50%.
No Tier-1 data releases occurred across the Andean bloc on August 31. Bitcoin fell 0.76% to 77,954.25, reflecting limited risk appetite that weighed on regional sentiment. Colombia 10Y yield data was unavailable, leaving the market to price the fiscal slippage through the currency alone.
The Day Ahead
The calendar shows no scheduled economic releases for September 1 across Colombia, Chile or Peru. Markets will monitor any follow-up statements on Colombia’s financing plans and potential updates to Chile’s mining royalty rules. Copper export volumes and employment data from Chile are now expected September 2.
Peru faces an empty slate with no Tier-1 prints. Regional participants will also track external drivers including any Fed communications that could influence USD flows into Andean currencies. Thin data flow leaves commodity prices and global risk sentiment as the dominant price drivers.
Chile’s 4.50% short-term rate provides a stable anchor while Colombia’s fiscal news keeps COP under pressure.
Other Economic Notes
Chile’s copper sector remains the key swing factor for fiscal and external accounts, with even small price moves generating hundreds of millions in monthly revenue shifts. Peru’s external position benefits from gold stability but remains exposed to PEN volatility that can pressure reserves. Colombia’s oil-linked revenues provide partial offset to structural deficits yet fail to anchor the peso amid elevated borrowing needs.
Lithium price softness continues to limit upside for Chilean budget assumptions. Regional equity and FX markets stay tightly linked to commodity cycles and external USD strength. MSCI Chile and Peru declines highlight the sensitivity to copper’s near-flat performance at 6.59.
