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Chile’s Peso Gains as Local Economic Growth Data Spurs Demand

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Aug. 9 (Bloomberg) -- Chile’s peso rose for a fifth consecutive day as better-than-forecast economic data spur demand for the Andean nation’s currency.

The peso strengthened 0.3 percent to 474.98 per dollar.

The gain is “tied to inflows by investors seeking opportunities in local fixed income,” Sergio Tricio, head of research at ForexChile, said in a phone interview from Santiago.

International investors in the Chilean peso forwards market lowered their bets on the dollar beating the peso to $7.7 billion on Aug. 7 from $7.8 billion a day earlier.

Data published in the past 11 days showed Chile’s economy is growing faster than forecast with near record-low unemployment, salaries rising more than twice as fast as prices and an 8.9 percent annual increase in retail sales.

The peso is the best performing of the Latin American currencies tracked by Bloomberg this year and has appreciated 5.5 percent this quarter even as the price of copper, which makes up more than half of Chile’s exports, has fallen.

To contact the reporters on this story: Eduardo Thomson in Santiago at ethomson1@bloomberg.net and Sebastian Boyd in Santiago at sboyd9@bloomberg.net

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

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