Argentina's Peso Is Collapsing Again

Just a few short days after agreeing a record bailout by The IMF, Argentina's currency is back in freefall, collapsing to more than 26 pesos per dollar as Argentine truckers plan a national strike on Thursday that investors fear will push the government to fold on reforms... and growing anxiety over BRCA's decision.

Companies rejected demand for 27% wage increases from truck drivers, Hugo Moyano, leader of the nation’s truckers union, says in a press conference, confirming plans for a nationwide strike on Thursday.

Additionally, it appears BCRA’s decision to withdraw its USD5b daily offer shook the FX market. The central bank was absent from the market on Friday and the peso had its biggest drop in two weeks. BCRA decides monetary policy tomorrow, in first meeting after government and International Monetary Fund agreement.

This is the biggest drop in the peso in over a month...

 

Not good... Record lows for the peso, and falling...

 

It looks like we're gonna need more than $50 billion!!

Brazil's Real is rolling over too as the peso plummets...

 

Disclosure: Copyright ©2009-2018 ZeroHedge.com/ABC Media, LTD; All Rights Reserved. Zero Hedge is intended for Mature Audiences. Familiarize yourself with our legal and use policies every ...

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments