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Congress To Vote On Pension Withdrawal Bill Tomorrow

PERU
  • USDPEN has traded in a very tight range this week, with the pair closing largely unchanged at 3.69 yesterday. BBVA note that the central bank has been active in markets, aiming to reassure and dampen volatility following the news that congress will vote on a pension withdrawal plan on Thursday. The bill would allow workers to withdraw money from their private pension accounts. If approved, it would allow withdrawals of up to 20,600 soles ($5,599) per person. BBVA note that after a few big swings up to near 3.90 in recent months, USDPEN seems to have begun pivoting around the 3.70 level under the watch of the central bank.
  • On the data front, the calendar is empty today, with focus on the BCRP monetary policy meeting tomorrow. 11 of 12 analysts within the Bloomberg survey believe that the BCRP will extend the pause in its easing cycle, keeping the reference rate at 6.25%. However, a few analysts note that the decision will be a close call and one in the survey expects the policy rate to be cut by 25bp to 6.0%.
  • Meanwhile, BCRP President Julio Velarde is set to join other central bank officials in attending the Centre for Global Development virtual seminar at 1700BST(1200ET) today.
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