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CHILE: BCCh President Costa At Event, Pension Reform Progress

CHILE
BulletEM BulletEmerging Market News
  • BCCh President Rosanna Costa is participating in a Catholic University event in Santiago today. No macro data are due, with the calendar clear until the BCCh traders survey and December PPI figures next week. After that, attention will turn to the Jan 28 MPC meeting, when the BCCh is expected to pause its easing cycle at 5.00%.
  • Meanwhile, Labour Minister Jara said yesterday that the government has reached a deal with the opposition on some parts of its pension reform, allowing it to advance after months of talks. The Senate’s labour committee has now agreed to debate the reform and will move to article-by-article votes after the government made amendments to its proposal to raise retirement payments and introduce new parameters for contributions and payouts. If the reform is passed in a floor vote later this month, it must go back to the lower house before becoming law.
  • USDCLP has edged higher in early trade on Thursday, despite further copper price gains. BBVA notes that the CLP is finding it difficult to hold below its key USDCLP 1000 support, as attention turns to Trump’s inauguration. They say positioning in CLP remains fairly short among offshore accounts, although there could be scope for shorts to build further amid trade policy uncertainty. However, this additional short positioning could provide attractive levels and technicals to fade the move, in their view, particularly closer to 1050.
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  • BCCh President Rosanna Costa is participating in a Catholic University event in Santiago today. No macro data are due, with the calendar clear until the BCCh traders survey and December PPI figures next week. After that, attention will turn to the Jan 28 MPC meeting, when the BCCh is expected to pause its easing cycle at 5.00%.
  • Meanwhile, Labour Minister Jara said yesterday that the government has reached a deal with the opposition on some parts of its pension reform, allowing it to advance after months of talks. The Senate’s labour committee has now agreed to debate the reform and will move to article-by-article votes after the government made amendments to its proposal to raise retirement payments and introduce new parameters for contributions and payouts. If the reform is passed in a floor vote later this month, it must go back to the lower house before becoming law.
  • USDCLP has edged higher in early trade on Thursday, despite further copper price gains. BBVA notes that the CLP is finding it difficult to hold below its key USDCLP 1000 support, as attention turns to Trump’s inauguration. They say positioning in CLP remains fairly short among offshore accounts, although there could be scope for shorts to build further amid trade policy uncertainty. However, this additional short positioning could provide attractive levels and technicals to fade the move, in their view, particularly closer to 1050.