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CHILE: BCCh Set To Pause Easing Cycle, General Text Of Pension Reform Approved

CHILE
BulletEM BulletEmerging Market News
  • The central bank of Chile is widely expected to pause its easing cycle today, holding the key rate at 5.00%, amid rising near-term inflation pressures (2100GMT/1600ET). Last month, the Board noted that latest inflation figures had exceeded the central bank’s forecasts, pointing to a possible pause in January and a slower pace of rate cuts beyond that. However, weak internal demand means the central bank is still expected to keep the door open to further gradual easing towards neutral over the coming months. The full MNI preview with analyst views is here.
  • Separately, the Senate approved the general text of the government’s pension reform overnight, according to La Tercera. The bill was approved with 40 votes in favour and seven against.
  • Ahead of the BCCh meeting, USDCLP has edged higher in early trade, with the pair up 0.3% around 991. This week’s gains have seen the pair rise back above the 50-day EMA at 987.23 and, with a medium-term uptrend in USDCLP still in play, the psychological 1000 mark could remain pivotal for the pair and will likely act as short-term resistance. On the downside, a clear break of the 50-day EMA would highlight potential for a deeper retracement and open 966.86, the Dec 6 low.
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  • The central bank of Chile is widely expected to pause its easing cycle today, holding the key rate at 5.00%, amid rising near-term inflation pressures (2100GMT/1600ET). Last month, the Board noted that latest inflation figures had exceeded the central bank’s forecasts, pointing to a possible pause in January and a slower pace of rate cuts beyond that. However, weak internal demand means the central bank is still expected to keep the door open to further gradual easing towards neutral over the coming months. The full MNI preview with analyst views is here.
  • Separately, the Senate approved the general text of the government’s pension reform overnight, according to La Tercera. The bill was approved with 40 votes in favour and seven against.
  • Ahead of the BCCh meeting, USDCLP has edged higher in early trade, with the pair up 0.3% around 991. This week’s gains have seen the pair rise back above the 50-day EMA at 987.23 and, with a medium-term uptrend in USDCLP still in play, the psychological 1000 mark could remain pivotal for the pair and will likely act as short-term resistance. On the downside, a clear break of the 50-day EMA would highlight potential for a deeper retracement and open 966.86, the Dec 6 low.