Futures Market News
Chilean peso finishes strong on Greek bailout, copper prices
Feb 21, 2012 03:45 PM
Chile's peso finished stronger against the dollar on Tuesday, February 21, as investors responded positively to Greece's bailout terms and worldwide copper prices advanced.
According to Dow Jones Newswires, the Chilean peso ended at 481.40 pesos to the dollar, compared to its finish on Monday of 482.10 pesos. In early trading, the Andean currency remained steady against the greenback as more markets analyzed the Greek deal and hesitated until other markets reacted before taking any new stances, one local currency trader stated.
The peso's strength was also bolstered by high copper prices in London, as Chile supplies the world with roughly one-third of its copper, and the currency typically follows closely with copper price fluctuations.
According to the news source, the peso is on course for its biggest gain in two weeks after China decided to lower bank reserve requirements, prompting demand for more risky emerging-market assets.
In the previous session, copper rose 2.7 percent, an early hint at today's advancements.
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