Key Market View: Bullish CLP/US$

We have decided to place a bullish position on the Chilean peso against the US dollar in our Key Market Views based primarily on the short-term outlook for copper and our constructive stance towards the Chilean economy. Copper looks set for a bounce, after being hit hard by the impact of the Japanese quake, in our view suggesting that the peso could be gearing up for a push higher in the near-term. With the CLP currently sitting right on a long-term support around CLP485.00/US$, a level which has held since late 2008, and the country's growth outlook

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