Chile Exchange Rate April 2016


Chile: Chilean peso appreciates to nine-month high in April

April 15, 2016

The Chilean peso continued to strengthen recently, hitting a nine-month high in mid-April. The appreciation observed in recent months marks a turnaround from a prolonged depreciation that had been in place from May 2013 to January of this year. On 15 April, the currency traded at 663.7 CLP per USD, which was the strongest value since May 2015. The print was 3.3% higher compared to the same day in March and marked a 6.3% gain in value in this year so far. However, compared to the same day in 2015, the reading represented an 8.2% depreciation.

The recent appreciation of the Chilean peso mainly reflects a weakening of the U.S. dollar on expectations that the U.S. Federal Reserve will resume its interest rate tightening cycle later than previously expected. Moreover, the peso was partly supported by a moderate rise in prices for copper, which is Chile’s top export. While copper prices had been on a downward trajectory for over four years and hit a multi-year low in January, prices have recorded modest gains recently.

Panelists surveyed for this month’s LatinFocus report expect the peso to trade at 707 CLP per USD at the end of 2016. Next year, the panel sees the currency trading at 694 CLP per USD.

Author: Teresa Kersting, Economist

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Chile Exchange Rate Chart

Chile Exchange Rate April 2016

Note: Exchange rate, CLP per USD (eop).
Source: Thomson Reuters

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