Nov. 9 (Bloomberg) -- Venezuelan President Hugo Chavez’s call for military commanders to prepare for a possible war with neighboring Colombia is unlikely to weaken the peso, said Alexander Cardenas, chief analyst at Acciones y Valores SA.

“The market sees Chavez’s comments as little more than a threat that isn’t potentially dangerous for the peso in the short term,” Cardenas said in a telephone interview from his office in Bogota. “Right now the peso is following global risk appetite, the stronger Brazilian real.”

Chavez yesterday told his military and civil militias to prepare for possible combat as tensions mount over an agreement giving U.S. troops access to Colombian military bases.

“Generals of the armed forces, the best way to avoid a war is to prepare for one,” Chavez said on state television as he accused Colombia of handing over its sovereignty to the U.S. “Don’t make the mistake of attacking: Venezuela is willing to do anything.”

Colombia, which says the accord will help combat drug trafficking, said it will raise Chavez’s threats with the Organization of American States and the United Nations Security Council.

Colombia’s peso climbed 0.7 percent to 1,970.50 per U.S. dollar at 10:22 a.m. New York time, from 1,984.55 at the end of last week.

To contact the reporter on this story: Drew Benson in Buenos Aires at abenson9@bloomberg.net

Last Updated: November 9, 2009 10:25 EST