Chile: Peso weakens on European woes
June 15, 2012
By 15 June, the Chilean peso (CLP) traded at 501 per USD, which was 3.2% weaker than the level recorded on the same day of the previous month. The figure follows on a 6.5% depreciation recorded in the month of May. On an annual basis, the peso is 6.9% weaker than in the same month last year. The Chilean peso often takes cues from developments in the European Union, one of Chile's main trade partners, and thus moves in the same direction the euro does against the U.S. dollar. In addition, lower copper prices, Chile's main export, also played a role as the peso usually follows the same direction against the USD.