PEN: Rally Back On

The Peruvian sol has been following a consistent uptrend against the US dollar since Q309, only disturbed in April and May this year by the presidential elections, and we expect this trend to continue over the short term. In our view the sol, trading at PEN2.4710/US$ at the time of writing, looks set to remain near the upper band of its trading range, which will keep it on course towards its historic high of PEN2.6925/US$, hit back in 2008.

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