Peru’s Sol Drops for Third Day as Copper Falls on Growth Concern
Peru’s sol fell for a third day as copper, the country’s top export, declined amid concern economic growth may stall in Europe and the U.S.
The sol weakened 0.1 percent to 2.7308 per U.S. dollar at 12:07 p.m. New York time, from 2.7280 on Sept. 2.
Copper fell for a third day in London on concern a deteriorating economic outlook for Europe and the U.S. will cut demand for industrial metals. U.S. stock futures fell as European markets showed growing concern the sovereign debt crisis is worsening. Job growth in the U.S. unexpectedly stagnated in August, the weakest payrolls reading since September 2010, government figures showed Sept. 2.
“You have a clear picture on the screens that the world is going to enter recession again and the currency market is reflecting this view,” said Gonzalo Navarro, head trader at Banco Santander in Lima.
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