Andeans Macro Daily(Beta Mode)
Chile Holds at 4.5%; Peru Rate Call Nears
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| MSCI Colombia | 9.02 | +0.00% |
| MSCI Chile | 41.08 | +0.59% |
| MSCI Peru | 93.30 | +1.23% |
| USD/COP | 3,115.65 | -0.34% |
| USD/CLP | 925.24 | -0.93% |
| USD/PEN | 3.35 | +2.94% |
| Copper | 6.78 | +0.53% |
| Gold | 4,447.80 | +1.23% |
| Brent Crude | 100.55 | +2.69% |
| Bitcoin | 78,804.30 | +0.47% |
| Colombia 10Y Govt Yield | - | - |
| Chile Short-term Rate | 4.50% | +0.00% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| Central Bank Interest Rate Decision | 4.50 | 4.50 | 4.50 |
Chile Policy Rate vs Consensus | Type: macro_line | Policy Rate %: 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 |
|---|---|---|---|
| Central Bank Interest Rate Decision | 4.25 | 4.25 | 15:00 |
| Thursday (2026-09-10) | |||
| Central Bank Interest Rate Decision | 4.25 | 4.25 | 15:00 |
- Chile central bank holds policy rate at 4.5% as expected
- MSCI Peru gains 1.23% while USD/PEN jumps 2.94%
- Copper rises 0.53% supporting Chile and Peru fiscal balances
Yesterday's Recap
Chile’s central bank kept its policy rate unchanged at 4.5%, aligning with consensus and leaving the short-term rate steady at that level. MSCI Chile advanced 0.59% to 41.08 while MSCI Peru climbed 1.23% to 93.30, outpacing the flat MSCI Colombia print at 9.02. The Chilean peso strengthened as USD/CLP fell 0.93% to 925.24 and the Colombian peso edged higher with USD/COP declining 0.34% to 3,115.65.
In contrast, the Peruvian sol weakened sharply as USD/PEN rose 2.94% to 3.35 ahead of the BCRP meeting. Copper advanced 0.53% to 6.78, gold climbed 1.23% to 4,447.80 and Brent crude surged 2.69% to 100.55, lifting export revenue prospects for Chile, Peru and Colombia. The integrated Nuam exchange reported listed companies reaching $539 billion in combined market value in June, up 38% year on year.
The Day Ahead
Peru’s central bank is scheduled to announce its policy rate decision at 15:00 ET, with consensus pointing to an unchanged 4.25% level. Markets will scrutinize any shift in forward guidance on inflation and growth. No sovereign bond auctions or major data releases are flagged for Colombia or Chile.
Copper and oil price movements will continue to influence fiscal and current-account projections across the region. Investors will also monitor any comments on FX reserve management from BCRP officials. The absence of fresh employment or CPI prints keeps attention on commodity revenue flows that underpin fiscal balances in all three Andean economies.
Other Economic Notes
Higher copper and oil prices provide direct support to mining royalties and oil-linked revenues in Chile, Peru and Colombia, improving near-term fiscal balances. The Nuam exchange’s 38% year-on-year rise in listed value underscores regional equity-market resilience despite divergent currency moves. Brent at 100.55 adds upside to Colombia’s external accounts while gold strength offers modest relief to Peru’s trade position.
No new inflation or employment figures were released, leaving the focus on commodity-driven growth momentum. The integrated exchange’s performance also signals deeper liquidity that can ease future sovereign funding costs for the three governments.
Global Macro News
Record copper prices continue to bolster Chile and Peru through elevated mining export receipts and royalty income. Brent crude above 100 supports Colombia’s fiscal position via higher oil export volumes and related tax collections. ↓ p.2
