Clyde Wardle News
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Brazil’s real fell, extending its biggest weekly drop since June, on speculation the central bank will allow the currency to weaken as U.S. budget wrangling spurs demand for a refuge in the dollar.
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Chile’s peso rose to a 12-month high as copper advanced and after central bank President Rodrigo Vergara damped speculation policy makers would start buying dollars in the foreign-exchange market.
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Chile’s peso weakened for the third time in four days as higher oil prices and lower copper signaled a reduction in the country’s trade surplus.
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Argentina’s peso posted its longest losing streak since the country abandoned the dollar peg in 2002 as President Cristina Fernandez de Kirchner seeks to help manufacturers compete against less expensive imports.
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Emerging-market currencies that three weeks ago showed the least volatility in a decade are dropping as traders bet slower expansion and an end to interest rate increases may weaken exchange rates from Sao Paulo to Moscow.
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Brazilian real traders are paying the highest premium in the world to insure against currency declines after speculation the central bank is done raising rates made it the worst performer over the past month.
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Argentine currency traders are paring bets on peso fluctuations to the lowest in 11 months. Farmers are holding on to 23 percent of their record soybean harvest, fueling speculation that export proceeds will climb.
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Mexico’s peso entered its longest winning streak since November as employers in the U.S., the nation’s largest trading partner, added more jobs than forecast last month.
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Mexico’s peso rose to the strongest level in 18 months after Greece said talks regarding a bailout package may conclude “soon,” fueling demand for higher- yielding, emerging-market assets.
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Mexico’s peso fell the most in a week as crude oil, its largest export, traded to the lowest price in three months.
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