Chilean peso joins the pound and dollar on the list of vaccine winners

For emerging market experts, the surprise rise in the Chilean peso at first glance seems easy to explain: rising copper prices. Certainly this is part of the story, but there is an even bigger phenomenon underpinning the rise: the government's vaccination campaign is rapidly gathering speed, fueling expectations that the economy will boom as the year progresses and that interest rates will begin to rise.

In a region that has been decimated by the pandemic and has made little progress in terms of vaccination efforts, Chile is clearly an outlier. With 15 doses administered per 100 people, the country has achieved a rate that is more than twice that of its closest Latin American peers, Brazil and Costa Rica, and higher than all but eight nations in the world, according to Bloomberg's Vaccine Tracking System.

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