Macroeconomic Forecast Chile

BMI View: While the short-term technical picture for the Chilean peso is mixed at present, we remain of the view that the next few months will see further weakness for the currency. Depreciation will be driven by a much weaker external environment, which will reduce demand for Chilean exports, relatively dovish monetary policy, and a cautious technical picture. We therefore hold to our 2012 average exchange rate forecast of CLP510.00.

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