Chile’s peso depreciated for a seventh day in its longest streak of losses since June 2010 as copper, the Andean nation’s top export, fell to a two-month low.
The currency fell 0.1 percent to 473.60 per U.S. dollar at 12:47 p.m. in Santiago. It is down 0.5 percent this week. Copper retreated 0.6 percent in New York.
The euro fell 0.2 percent after the European Central Bank said financial institutions on Feb. 27 will repay less of its three-year loans next week than economists forecast. Some U.S. Federal Reserve policy makers said the central bank should be ready to vary the pace of bond purchases, known as quantitative easing, minutes of the January meeting showed Feb 20.
“Copper is heading to its lowest levels of the day and the euro is weakening,” Sergio Tricio, the head of research at ForexChile in Santiago, said in a phone interview. “We’re still seeing the effects of the Fed’s statements earlier this week.”