Chilean Peso Declines on Metallic Commodities Demand
The Chilean peso started the week losing versus most of the 16 main traded currencies as metallic commodities, an important source of revenue for the country, declined today.
Copper exports account for more than a third of Chile’s gross domestic product, and a faltering demand during the past few days has affected the outlook for the peso, since stockpiles are expanding, and the current high rates for metallic commodities may not be compatible to the currency global economic situation and demand.
USD/CLP traded at 558.95 as of 21:13 GMT from an opening price today of 552.55.
If you want to comment on the Chilean peso’s recent action or have any questions regarding this currency, please, feel free to reply below.
Earlier News About the Chilean Peso:
- Chilean Peso Declines on U.S. Consumer Confidence (2009-08-14)
- Chilean Peso Hits One-Week Low on Copper Prices (2009-07-23)
- Chilean Peso Climbs on Copper Price (2009-07-17)
- Chilean Peso Declines as Interest Rates Reach Record Low (2009-07-10)
- Chilean Peso Drops as Copper Declines (2009-07-08)
September 8th, 2009 at 4:11 pm
Hello
I need to pick your brains.
How do you think the chilean peso will perform against the south african rand over the next three to six months? I am considering selling my stuff and emigrating to sunny santiago
Thanks!
lonesomecraig
[Reply]
Jan Baros Reply:
September 8th, 2009 at 10:27 pm
I think that the Chilean currency may perform better than the South African rand due to the current country’s fundamentals, which are slightly better in Chile than in SA, but it will not be a considerable rally that may jeopardize your immigration plans, since both currencies are more or less influenced by the same reasons(internationally)
[Reply]