Chart of the day is.....

.....the major traded local currencies versus the US Dollar, 12 month time period.

The Chilean Peso (CLP) really is strikingly different from the rest of local currencies. Bit like the underlying economy, really. Thoughts chez Otto return to ECH, the Chilean ETF that I featured a few weeks ago. Since then it has sunk a bit and then returned to the $33 price at the time. ECH is, above all, a currency play. DYODD.