Key Facts

Argentina’s Merval fell 2.83% to 3,084,617 on June 5 — the steepest drop in Latin America.

Yet the peso barely moved: USD/ARS rose just 0.24%, the smallest currency move in the region, so this was not the dollar story that hit its neighbours.

The fall followed a record run — the Merval set an all-time high near 3.31 million in late May before this pullback.

Momentum has cooled from overbought, with the daily RSI near 58, down from the low-70s at the peak.