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Lower House To Vote On Fourth Pension Withdrawal, USDCLP Pressures 800

CHILE
  • Today at 1830BST/1330ET, the Lower House starts voting on fourth pension withdrawal bill after committee approval on Monday. The bill needs 93 votes to pass the Lower House, which means the opposition requires support from around 10 government-backed legislators. If approved, the bill goes to the Senate.
  • Despite closing below the level, USDCLP breached the key resistance during Monday's session above 795.73 and has opened towards yesterday's highs, just shy of the 800 mark. Continued dollar strength, higher US yields, uncertainties relating to the outcome of another pension withdrawal and looming elections continue to make up an undesired cocktail, weighing on local assets.
  • Overnight Chile raised its 2021 GDP growth forecast to 9.5% from 7.5%, according to a presentation by Finance Minister Rodrigo Cerda to lawmakers.
    • 2022 GDP growth outlook lowered to 2.5% from 2.9%
    • 2021 inflation seen at 4.1% from 3.7%; 2022 inflation seen at 4.4% from 3.1%
  • Yesterday, President Pinera announced the end to curfews and the easing of mobility restrictions. The state of exception will end on Sep. 30.
    • He also announced changes to the "paso a paso" mobility restrictions plan, such as increasing the number of people allowed in restaurants and cinemas.
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