Macroeconomic Forecast PeruApril 2010 | Macroeconomic Forecasts
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BMI View: Peru's central bank has stepped up its efforts to prevent further appreciation of the sol, purchasing US$953.5mn between March 3 and March 25. However, with strong commodity prices and the return of global risk appetite indicating that a period of upside pressure is in store for the currency, we believe that the central bank will not be able to prevent modest gains in the short term. That said, as the global economic recovery begins to cool in the latter part of this year, we believe that the currency will appreciate slightly, towards our end-2010 target of PEN2.9000/US$.