Chile’s peso gained the most among major Latin American currencies as copper, the country’s main export, rose and a report showed a surprise decline in Chilean unemployment.
The peso strengthened 0.8 percent to 485.89 per U.S. dollar at 9:15 a.m. in Santiago from 489.82 at yesterday’s close.
The currency extended gains after the National Statistics Institute reported an unemployment rate of 6.4 percent in the three months through February compared with the 6.7 percent median estimate of 11 analysts surveyed by Bloomberg. Chile had a jobless rate of 6.6 percent through January.
Copper, set for the biggest quarterly gain since 2010, rose in London as equities and the euro climbed amid speculation European officials will increase funds for rescuing indebted nations. Copper for three-month delivery climbed as much as 1.4 percent in London today. Prices are up 11 percent this quarter, the most since the three months through December 2010.
Copper accounts for more than half of Chile’s exports.
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