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Chile Peso Reaches 12-Week High Ahead of Central Bank Meetings

July 31 (Bloomberg) -- Chile’s peso gained to a 12-week high on speculation central bank meetings in Europe and the U.S. this week may lead to measures to stimulate global growth.

The currency rose 0.3 percent to 481.35 per U.S. dollar at 10:26 a.m. in Santiago. It earlier reached 480.65 per dollar, the strongest intraday level since May 4.

The Federal Reserve begins a two-day policy meeting today after Chairman Ben S. Bernanke said U.S. policy makers are looking for ways to strengthen growth. The European Central Bank meets in Frankfurt on Aug. 2 after its President Mario Draghi promised to do “whatever it takes” to save the euro.

“Dollar selling is outweighing buying, accompanied by a rise in commodities and a slight rebound in the euro,” said Cristian Donoso, a trader at Banchile Corredores de Bolsa SA in Santiago. “If either of the central banks comes out with a stimulus package, that could be the trigger to break 480.”

The price of copper, Chile’s biggest export, gained as China revealed plans to increase spending on its rail network.

International investors in the Chilean peso forwards market raised their bets against the currency to $9.9 billion on July 27 from $9.8 billion a day earlier, according to data published today by the central bank.

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

To contact the editor responsible for this story: Brendan Walsh at bwalsh8@bloomberg.net

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