Reuters: US Dollar Report: EMERGING MARKETS-Chilean peso up with copper prices; real flat

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EMERGING MARKETS-Chilean peso up with copper prices; real flat Sep 25th 2012, 17:31 Tweet Share this Email Print Tue Sep 25, 2012 1:31pm EDT * Brazil's Rousseff says Fed policies hurting exporters * Mexican peso 0.3 pct higher; Brazilian real flat RIO DE JANEIRO, Sept 25 (Reuters) - The Chilean peso led Latin American currencies higher on Tuesday as rising prices of copper, Chile's main export, lifted the currency from a two-week low. The Brazilian real was little changed for a seventh straight session on fear of central bank intervention. The Chilean peso jumped 1.2 percent to 470.00 per dollar, after closing on Monday at 475.70, its weakest LEVEL since Sept. 7. Copper prices were 1.2 percent higher on the London Metal Exchange. "I believe the peso hit bottom on Monday. Now it's going up, following higher copper prices," said Carlos Martinez, head of the currency desk at Vantrust Capital in Santiago. The Mexican peso gained 0.5 percent, recovering part of the 1.6 percent loss recorded during the past six sessions. The Brazilian real was practically unchanged at 2.025 per dollar, however, as fears of central bank intervention drastically reduced volatility in the local foreign exchange market. "The central bank interventions in the FX market have scared investors," said Reginaldo Galhardo, manager of the currency desk at Treviso brokerage in Sao Paulo. Brazilian policymakers have pledged to move aggressively to offset expected capital inflows resulting from the stimulus measures deployed by the U.S. Federal Reserve and the European Central Bank. The inflows could drive up the value of the real, potentially hurting Brazilian exporters. In the latest sign that Brazil will do whatever it takes to curb currency gains and protect exporters, President Dilma Rousseff on Tuesday told the United Nations that "legitimate" trade defense initiatives by developing countries can not be classified as protectionism. Expectations of higher dollar inflows to emerging markets were on the rise, however, after a top U.S. Federal Reserve policy maker late on Monday said he expects the central bank to expand its bond-buying program next year. Latin American FX prices at 1720 GMT: Currencies daily % YTD % change change Latest Brazil real 2.0250 0.02 -7.73 Mexico peso 12.8490 0.47 8.72 Argentina peso* 6.2900 0.48 -24.80 Chile peso 470.0000 1.21 10.49 Colombia peso 1,795.9000 0.27 7.93 Peru sol 2.5960 0.00 3.89 * Argentine peso's rate between brokerages Tweet this Link this Share this Digg this Email Reprints Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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