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Vote On Pension Self-Loans Bill, USDCLP Consolidating

CHILE
  • USDCLP has traded in a fairly tight range since today’s open and is broadly consolidating around the 820 mark. Key short-term resistance remains at 836.45, the Feb 27 high. This hurdle was briefly tested last week and a clear break is needed to reinstate a bullish theme and highlight scope for a stronger recovery.
  • The Lower House postponed until today the vote on the bill that would allow self-loans from savings in pension accounts. Minister of Finance Mario Marcel said on Monday that he expects that the AFP self-loan bill be rejected. He indicated the worst thing would be to increase uncertainty at this juncture.
  • In separate news, Chile’s Senate approved Tuesday a bill that reduces working hours to 40 from 45 per week. The bill that allows working four instead of five days a week now heads to lower house for potential final vote.
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