FXStreet (Córdoba) – The Chilean peso is among the worst performers in the currency market. Against the US dollar continues to decline, falling 1% and reaching 12 year highs for the second day in a row.
USD/CLP opened the week breaking a key short-term resistance located at 686. Yesterday managed to rise above 690 and today it printed a fresh high at 699.50, approaching the key psychological area around 700. The last time it traded above 700 was in August 2003. Currently it stands at 697.20.
Greenback remains strong against all emerging market currencies but today, the Chilean peso is particularly weak amid a decline of copper prices to 6 year lows. Copper represents around 50% or Chile’s exports.
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(Market News Provided by FXstreet)