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Lower House Discuss and Vote On Fourth Pension Withdrawal Bills

CHILE
  • USDCLP fell lower at the open yesterday and failed to bridge the gap to Monday's close of 788.40.
    • A recovery in equity indices and notably a 2.5% rise in copper futures may work in favour of the Chilean Peso, despite technical conditions remaining against the local currency.
    • The focus remains on 795.73, Aug 9 high and the bull trigger.
  • *Starting at 3pm local time.: Chile Lower House constitutional committee votes on bills related to a fourth round of pension fund withdrawals
  • As previously mentioned by Marcos Ilabaca, the committee's president there will be votes on each article of the bills for a fourth round of pension withdrawals
  • The deputies have been able to present modifications to any of the six texts under review. Some projects propose withdrawing 10% of savings, others 100%.
  • As a reminder Goldman Sachs noted the upcoming September inflation print and legislative developments around a potential fourth withdrawal of pension savings as ultimately determining whether at the Oct 13 meeting the MPC will follow-up with another 75bp hike or go back to a milder 50bp hike. In their view, another 75bp rate hike is warranted.
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