Chile comes under peso pressure Renewed talk of further Federal Reserve tapering at this month's policy meeting gave another lift to the buck on Tuesday. It coincided with weakness for many industrial commodities - including copper, iron ore and Shanghai rebar futures, which fell to a contract low - on building concerns about Chinese demand. That's not a great scenario for the so-called commodity currencies, and so the Canadian dollar fell to C$1.10 for the first time in four years and the Aussie relapsed to its three-year trough below US$0.88. But little attention was paid to another resource-sensitive unit: the Chilean peso. The soft start to the year for copper prices - Chile is the world's biggest producer of the red metal - has not helped the peso. A rash of strikes at Chile's ports, which has curtailed metal exports, has failed to boost the copper price and is only likely to have hit sentiment toward the country's currency. Meanwhile, the Chilean central bank has suggested it could increase monetary stimulus in order to boost growth and ensure it meets its target of 3 per cent inflation. The prospect of extra liquidity adds to peso pressure. Chartists will note it is fast approaching support at the 550-per-dollar level.