Chilean Peso Posts Biggest Winning Streak Since 2009 on Copper

- October 12th, 2011

Bloomberg reported that Chile’s peso announced its biggest winning streak in more than two years as copper surged on investor optimism that Europe will contain its debt crisis.

Bloomberg reported that Chile’s peso announced its biggest winning streak in more than two years as copper surged on investor optimism that Europe will contain its debt crisis.

As quoted in the market news:

The peso strengthened 2 percent to 499.21 per dollar, pushing through 500 per dollar for the first time since Sept. 21. The currency has gained 6.3 percent in the past week, the most among 25 major emerging-market currencies tracked by Bloomberg and the most for any five-day period since June 2009.

The price of copper, Chile’s principal export, has gained 13 percent to $3.3955 a pound for December delivery from a low of $2.994 reached on Oct. 3 at the Comex in New York. French President Nicolas Sarkozy and German Chancellor Angela Merkel vowed after a meeting on Oct. 9 to recapitalize European banks.

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