The Argentine Peso Is Plunging... Again

As Argentine truckers begin a one-day national strike, demanding wage increases to compensate for an unexpected surge in inflation and protesting President Macri’s economic policies, the peso is in freefall, extending yesterday's "only the central bank is selling dollars" collapse.

It seems the promise of $7.5 billion in dollar sales to support the peso is just not enough as the currency collapses to a new record low...

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Of course, the blame for this collapse will now be placed at the feet of Fed Chair Powell, but as we detailed overnight, the roots of Argentina's crisis run very deep and they only have themselves to blame.

Since 2001, the peso has lost 96.3% of its value against the US Dollar...

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