The US-Venezuela oil deal has made a splash this week, but we it seems unlikely that it will result in a major pick-up in Venezuelan oil production in the near-term. Elsewhere, the sharp drop in the Imacec index in July suggest that Chile's GDP is probably on course to contract in Q3. While the BCCh is all but certain to leave its policy rate unchanged at 4.50% when it meets next Tuesday, the weak activity data might prompt it to strike a more dovish tone.
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