Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Chile Peso Appreciates as Euro Gains on Greek Austerity Report

Don't Miss Out —
Follow us on:

June 13 (Bloomberg) -- Chile’s peso gained on speculation that U.S. and European policy makers will seek to stimulate economic growth and as the euro appreciated on a report that Greece may seek to adjust its austerity program.

The currency rose 0.4 percent to 502.23 per U.S. dollar. The peso has appreciated 4 percent since reaching a five-month intraday low of 522.79 per U.S. dollar on June 1.

“There is expectation of new stimulus measures,” said Ronald Volpi, the head of spot currency trading at EuroAmerica Corredores de Bolsa SA in Santiago.

The price of copper, Chile’s main export, rose as much as 1 percent after machine orders in Japan increased at more than three times the pace estimated by analysts, before paring its advance to 0.1 percent.

A Greek vote on June 17 may show support for pro-bailout party New Democracy exceeding that of Syriza, which has called for renegotiating terms of the rescue funds, according to a poll by Kapa SA. Financial Times Deutschland reported that European leaders may consider relaxing the terms for Greece’s austerity program after the elections, without citing anyone.

International investors in the Chilean peso forwards market had a net short peso position of $10.3 billion on June 11, the second-largest on record. Local investors excluding banks and brokers had a $17.3 billion long peso position.

Banks and brokers had a net short peso position of $6.9 billion in the forwards market and a $7.2 billion long peso position in the spot market.

To contact the reporter on this story: Sebastian Boyd in Santiago at sboyd9@bloomberg.net

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

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.