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Feb. 1 (Bloomberg) -- Chile’s peso strengthened for the first time in three days as higher copper prices boosted trade prospects for the metal’s biggest producing nation.
The peso appreciated 0.8 percent to 487.65 per U.S. dollar as of 9:42 a.m. in Santiago, from 491.55 yesterday.
European stocks and U.S. equity futures rose ahead of an Institute for Supply Management report that may show U.S. manufacturing grew at a faster pace in January. Copper gained as much as 0.9 percent in New York after indexes in China, the biggest customer for Chile’s copper, and India showed manufacturing increased.
“They’re forecasting very good data for the ISM survey in the U.S.,” said Ronald Volpi, head of spot currency trading at EuroAmerica Corredores de Bolsa SA in Santiago. “The market is positioned to sell dollars, but it’s worth being cautious and waiting for the data.”
Offshore investors in the Chilean peso forwards market reduced short positions in the peso to $4.1 billion on Jan. 30, according to central bank data that shows a $2 billion flow from dollars into pesos in the first month of the year.
--Editors: James Attwood, Brendan Walsh
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