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.

The Chilean peso posted the biggest decline in August this week as consumer sentiment declined in the United States during the past month, pushing traders away from emergent market currencies.

The Mexican peso started the week at the highest level in 4 months as the United States are signaling that the path out of recession has been already started.

The Mexican currency posted another week of gains versus its main trading partner’s currency, the U.S. dollar, as emergent-market currencies profited on higher confidence among traders.

The Chilean currency had a weakening performance today, as the copper, one of the main exports of the South American nation declined, damping demand for the peso.

Chile’s is one of the world’s main copper producer and today this metallic commodity went up after a U.S. report, pushing the Chilean peso to higher levels as risk aversion declined among traders.

Mexico is, together with Canada, one of the main energy suppliers for the United States energy demands, and its national currency, the peso, fell again today as the crude oil declined in New York.

The Chilean peso hit the weakest level in three weeks as the national central bank slashed the benchmark interest rates to a record low for the South American country.

Chile, one of the world biggest copper exporters, is witnessing its currency to fall against all majors as the price of the metallic commodity declined due to a new wave of pessimism, which may decrease demand for metals.

The Mexican currency and stocks went down this Monday after the confirmation that President Calderon’s party lost midterm elections, raising concerns that reforms needed to stimulate the Mexican economy will not be implemented.