Reuters: US Dollar Report: UPDATE 1-Chile peso bounces back from key resistance

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UPDATE 1-Chile peso bounces back from key resistance May 4th 2012, 15:21 Fri May 4, 2012 11:21am EDT SANTIAGO May 4 (Reuters) - Chile's peso retreated from a key resistance level and was weaker versus the dollar on Friday after briefly breaching the barrier to reach a 6-week intraday high. The peso was trading weaker at 482.30 per U.S. dollar after the key resistance level of 480 per dollar, which has held for the past two months, proved too difficult to get beyond. "The peso briefly broke resistance in low volume trading, but it's going to take a lot more for the peso to break past 480 (per dollar) and start heading to new highs," said a local currency trader. Dollar sales by companies helped boost the peso in earlier trade, despite data that showed the euro zone economy worsened markedly and U.S. employers decreased hiring for the third straight month in April. Central bank minutes which unexpectedly showed the bank considered an interest rate increase last month lent some support to the peso, although traders said they don't expect a rate increase in coming months. "I don't foresee a rate hike increase for at least three months," the trader said.

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