Nov. 29 (Bloomberg) -- Chile’s peso rose the most in a week as optimism that U.S. lawmakers will reach an agreement in budget talks boosted emerging-market assets and Chile’s manufacturing output beat forecasts.
The peso appreciated 0.4 percent to 479.15 per U.S. dollar in Santiago, the biggest gain since Nov. 20. It extended the advance this year to 8.4 percent, the most among all of the world’s currencies tracked by Bloomberg after the Hungarian forint and Poland’s zloty. The price of copper, Chile’s biggest export, advanced as much as 2.4 percent in New York today.
“Most stock markets outside are rebounding strongly on optimism related to the fiscal issue in the U.S., and that is pushing up the peso,” Matias Madrid, an economist at Banco Penta in Santiago, said in a telephone interview. Peso trading ended before stocks pared gains when House Speaker John Boehner said there has been no substantial progress in talks aimed at avoiding tax increases and spending cuts set for January.
Chile’s manufacturing output rose 9.1 percent in October from a month earlier, the national statistics agency reported today. The median forecast among analysts surveyed by Bloomberg was for an increase of 3 percent.
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