Bloomberg News

Chile Peso Snaps Longest Losing Streak Since May on Global View

February 22, 2013

Chile’s peso appreciated, ending its longest losing streak since May, after a report showed German business confidence rose to a 10-month high, brightening the global economic outlook.

The peso appreciated 0.1 percent to 472.75 per U.S. dollar at 10:40 a.m. in Santiago after falling 0.6 percent over the previous six sessions.

“European stocks are moving up today on positive data from Germany, which helps dispel part of the depressing mood in global markets,” Sergio Tricio, the head of research at ForexChile in Santiago, said in a phone interview.

Chile’s currency was headed for a 0.3 percent weekly loss, compared with 0.6 percent declines in the Colombian peso and the Peruvian sol, according to data compiled by Bloomberg. Brazil’s real was the best performer among major Latin America currencies, poised for 0.1 percent gain.

The Ifo institute in Munich reported today that its index of Germany’s business confidence climbed to 107.4 in February from 104.3 in the previous month, adding to signs that Europe’s largest economy is gaining strength. The Stoxx Europe 600 index advanced 1.3 percent. Copper, Chile’s main export, rose 0.2 percent in New York after earlier gaining 1 percent.

To contact the reporter on this story: Eduardo Thomson in Santiago at ethomson1@bloomberg.net

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


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