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Europe’s Woes Make Chilean Peso Less Attractive

March 27, 2013 at 18:25 by Vladimir Vyun

Some Chilean peso banknotesThe Chilean pesos declined today as problems of various countries of the European Union left Forex traders unwilling to risk, driving them to currencies that offer higher safety.

The last month’s election in Italy created a political deadlock and the country will have a hard time to deal with its problems without a strong government. Cyprus’s banks will be opened tomorrow and there is fear that depositors will try to withdraw their capital en masse. All in all, the trading sentiment is not particularly supportive for risky currencies and the peso suffered from this.

USD/CLP rose from 472.9500 to 473.2500 as of 18:24 GMT today after falling to 472.3750 earlier.

If you have any questions, comments, or opinions regarding the Chilean Peso, feel free to post them using the commentary form below.

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