Chile Exchange Rate

Chile

Chile: Chilean peso hits an over-five-year low on falling commodity prices and a weaker domestic outlook

December 3, 2014

The Chilean peso (CLP) has been losing ground against the U.S dollar in recent weeks, continuing the trend began in mid-2013. On 2 December, the peso traded at 615 CLP per USD, which marked the weakest reading since March 2009. The print was 6.8% below the level observed on the same day last month and 15.3% weaker on an annual basis.

The depreciation of the Chilean peso comes as a result of a weaker growth outlook for the domestic economy, as well as higher expectations that the Fed will soon start to hike interest rates. In addition, the sharp decline in metal prices—particularly of copper, Chile’s main export—is also contributing to the weakening of the peso.

LatinFocus Consensus Forecast panelists expect the peso to end this year at 590 CLP per USD. Next year, the panel sees the currency trading at 596 CLP per USD.


Author: Ricard Torné, Head of Economic Research

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Chile Exchange Rate December 2014

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


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