MNI China Daily Summary: Wednesday, January 22

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CHILE: USDCLP Extends Losses, Narrows Gap To Firm Support At 50-Day EMA

CHILE
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  • USDCLP has extended losses through Wednesday’s session, amid the ongoing optimism for risk sentiment, with the pair now 1.1% lower on the day around 992. The move takes total losses for the pair since Friday’s high to 2.5% and narrows the gap to firm support at 987.23, the 50-day EMA. A clear break of the EMA would highlight potential for a deeper retracement and open 966.86, the Dec 6 low.
    • Focus remains on the Senate’s finance committee, which is voting on the pension reform bill today. If approved, the bill will proceed to the Senate, where a vote could come as soon as tomorrow.
    • JP Morgan says that the recent pension reform agreement between the government and the centre-right opposition marks a significant achievement. While no faction is entirely satisfied, both sides can point to gains that justify the compromise.
    • The BCCh publishes its traders survey tomorrow, ahead of next week’s MPC meeting, when a pause in the easing cycle is expected.
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  • USDCLP has extended losses through Wednesday’s session, amid the ongoing optimism for risk sentiment, with the pair now 1.1% lower on the day around 992. The move takes total losses for the pair since Friday’s high to 2.5% and narrows the gap to firm support at 987.23, the 50-day EMA. A clear break of the EMA would highlight potential for a deeper retracement and open 966.86, the Dec 6 low.
    • Focus remains on the Senate’s finance committee, which is voting on the pension reform bill today. If approved, the bill will proceed to the Senate, where a vote could come as soon as tomorrow.
    • JP Morgan says that the recent pension reform agreement between the government and the centre-right opposition marks a significant achievement. While no faction is entirely satisfied, both sides can point to gains that justify the compromise.
    • The BCCh publishes its traders survey tomorrow, ahead of next week’s MPC meeting, when a pause in the easing cycle is expected.