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CHILE: Pension Reform Bill Set For Senate Floor Vote

CHILE
BulletEM BulletEmerging Market News
  • Besides tomorrow’s BCCh monetary policy meeting, focus this week will also remain on the government’s pension reform bill, which could be voted on as soon as today. The reform proposal was approved by the Senate Finance Committee over the weekend, paving the way for the legislation to advance to the Senate floor for a vote. The committee approved the bill’s key points late on Saturday including an increase to basic, state-funded pensions and pay-ins from employers after the government also introduced changes to reduce fiscal risks.
  • Separately, the government will sell $1.3bn in local bonds in the first quarter, according to the Finance Ministry, including CLP 780bn of nominal bonds and 13.5m CPI-linked UF bonds.
  • Amidst the significant risk-off tone across global markets on Monday and dip in copper prices, USDCLP has edged 0.3% higher to around 985.0 in early trade. A resumption of gains for the pair would refocus attention on 1020.18, the 1.236 projection point of the Nov 7 - 12 - Dec 6 price swing. On the downside, a clear break of the 50-day EMA, which intersects today at 986.98, would highlight potential for a deeper retracement and open 966.86, the Dec 6 low.
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  • Besides tomorrow’s BCCh monetary policy meeting, focus this week will also remain on the government’s pension reform bill, which could be voted on as soon as today. The reform proposal was approved by the Senate Finance Committee over the weekend, paving the way for the legislation to advance to the Senate floor for a vote. The committee approved the bill’s key points late on Saturday including an increase to basic, state-funded pensions and pay-ins from employers after the government also introduced changes to reduce fiscal risks.
  • Separately, the government will sell $1.3bn in local bonds in the first quarter, according to the Finance Ministry, including CLP 780bn of nominal bonds and 13.5m CPI-linked UF bonds.
  • Amidst the significant risk-off tone across global markets on Monday and dip in copper prices, USDCLP has edged 0.3% higher to around 985.0 in early trade. A resumption of gains for the pair would refocus attention on 1020.18, the 1.236 projection point of the Nov 7 - 12 - Dec 6 price swing. On the downside, a clear break of the 50-day EMA, which intersects today at 986.98, would highlight potential for a deeper retracement and open 966.86, the Dec 6 low.