Chile Peso Gains Most in Latin America on Copper, Job Surprise

Chile’s peso gained the most among major Latin American currencies as copper, the country’s main export, rose and a report showed a surprise decline in Chilean unemployment.

The peso strengthened 0.8 percent to 485.89 per U.S. dollar at 9:15 a.m. in Santiago from 489.82 at yesterday’s close.

The currency extended gains after the National Statistics Institute reported an unemployment rate of 6.4 percent in the three months through February compared with the 6.7 percent median estimate of 11 analysts surveyed by Bloomberg. Chile had a jobless rate of 6.6 percent through January.

Copper, set for the biggest quarterly gain since 2010, rose in London as equities and the euro climbed amid speculation European officials will increase funds for rescuing indebted nations. Copper for three-month delivery climbed as much as 1.4 percent in London today. Prices are up 11 percent this quarter, the most since the three months through December 2010.

Copper accounts for more than half of Chile’s exports.

To contact the reporter on this story: James Attwood in Santiago at jattwood3@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.