Argentine peso weakens to fresh low despite US interventions
Currency gains sparked by estimated $400mn of US purchases melt away ahead of election for president Javier Milei
Currency gains sparked by estimated $400mn of US purchases melt away ahead of election for president Javier Milei
Doubts return over future of Javier Milei’s controlled exchange rate policy
Forward contracts indicate a 12% decline for currency despite $40bn US support package
US support has helped calm markets, but Argentina’s president is politically weakened as his party faces midterm elections
Monetary authority intervenes in currency market for third time this week, selling $678mn on Friday
The Treasury’s intervention holds risks for Washington
Investors bet that electoral endorsement will keep president’s market-friendly reforms on track
