Bloomberg News

Chilean Peso Slides as Stronger Dollar Counters Copper Gains

March 13, 2012

Chile’s peso fell for a second day as the U.S. dollar strengthened against most of its major counterparts, offsetting gains in the price of the nation’s biggest export, copper.

The peso weakened 0.1 percent to 485.92 per dollar as of 10:25 a.m. in Santiago from 485.45 yesterday. The currency earlier gained as much as 0.3 percent.

The euro slid against the dollar as retail sales in the U.S. rose the most in five months. The Bloomberg JPMorgan Latin American Currency Index fell 0.4 percent. Copper, which accounts for more than half of Chile’s exports, rose as much as 1.5 percent in New York after stockpiles monitored by the London Metal Exchange fell to the lowest in two years.

“The euro has gone back and emerging-market currencies are lower,” said Ronald Volpi, head of spot currency trading at EuroAmerica Corredores de Bolsa SA in Santiago. “The only thing rising is copper.”

To contact the reporter on this story: Sebastian Boyd in Santiago at sboyd9@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net


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