Arab Today, arab today currency surge rampant across latin america
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Currency surge rampant across Latin America

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Arab Today, arab today Currency surge rampant across Latin America

Santiago - Arabstoday

Currencies across Latin America are rallying on massive dollar inflows triggered by the widening economic growth and rate differentials with the United States and Europe, though the emerging market nations have responded to the currency surge differently. South American nations will work together to fight hot money from abroad that is pressuring their currencies, Colombian President Juan Manuel Santos said after a Union of South American Nations (UNASUR) meeting in Lima. But many analysts are skeptical the region has the tools to put the brakes on their strong currencies. “For all the measures Brazil has adopted, its currency is still reaching maximum heights,” said Tricio. “The (Chilean) central bank isn’t going to take any measures.”  While most analysts do not expect Chile to unveil new measures, many of which are seen as costly and ineffective, some think current tools could be enhanced. Chile’s peso is likely to remain around three-year highs, with the central bank seen powerless in the face of soaring prices for copper, the country’s main export, and the dollar sagging on US economic and debt woes. The peso weakened 0.26 per cent to close at 457.70 on Friday, just a whisker away from the over-three-year intraday high of 455.40 hit on Thursday. Copper prices spiked to a three-month high early on Friday, driven up by a strike at Chile’s giant Escondida mine, before paring gains. The peso often moves in tandem with prices for copper, which accounts for over half of Chilean exports. The dollar was under pressure on fears of a looming US debt default, keeping the peso strong after it broke key resistance at 460 per US dollar this week. However, some analysts say weak US economic data will likely drag on the dollar even if a US default is averted. From/ Gulf Today

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