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Senate Voting On Fourth Pension Withdrawal Bill, USDCLP at 800

CHILE
  • The Chilean Peso has continued its most recent ascent, following yesterday's inflation data, boosting the likelihood of further policy tightening at the December meeting. An additional tailwind for local assets has been the rise of conservative candidate Kast ahead of the November 21 election.
    • USDCLP briefly breached the 50-day EMA support and psychological 800 level, although price ranges remain fairly contained ahead of US inflation data tomorrow.
  • The Senate are voting on the fourth pension fund withdrawal bill. If approved, the bill would go to the Senate Constitution committee for possible modifications and a new vote.
  • The Chilean government's copper agency lowered its estimate for mining investments over the next decade by 6.9%. (BBG)
    • Mining companies are expected to invest $68.9 billion to complete 51 projects by 2030, Cochilco said in a statement.
    • The decline from the previous estimate was attributed to a delay in the start of operations at Codelco's Andina expansion and streamlining at other Codelco projects.
  • Regarding the Pinera impeachment - Lawmaker Jaime Naranjo, who led the accusation, told reporters, "we know that it will be difficult to get the votes in the senate". For reference, the vote in the Senate doesn't have a deadline and if 30 days pass without a verdict, the accusation is voided.
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