Posted in | News | Copper | Mining Business

Chilean Peso Climbs to 31-Month

By Joel ScanlonDec 16 2010

The Peso in Chile shot up for the tenth day running as bigger than forecast retail sales in the US boosted it.

The near record price of copper and the increased export volume from the company have made it possible for the currency to rise so spectacularly in the last ten days.

According to Bloomberg the 15% gain in the Peso during the second half of 2010 is the best performance in the 25 emerging market currencies. It is currently at 473.250 per US dollar. This is a 31 month high and may rise some more before the year is out.

Commodities have been going up including copper which gave Chile its strong sale figures. The S&P 500 is at its highest now since the Lehman Brothers Holdings bankruptcy in 2008. The dollar fell compared to most major counterparts and the Commerce Department figures showed a 0.8% increase in US retail sales, much lower than the 1.7 % in October.

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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