- The peso is down more than 3% today and over 7% for the week, meaning it now requires nearly 29 Argentine units to purchase one greenback. The continued tumble comes despite efforts by the country's central bank to prop it up (short rates are 40%, and the IMF has gotten involved).
- "Further strikes could force President Macri into wage concessions, slowing progress in bringing down inflation and the budget deficit," says Capital Economics. Possibly what's really happening is the Fed rate hike cycle - something is always the first to crack, and maybe this time it's emerging markets, with Argentina leading the way.
- ETF: ARGT -1.6%
- Notable ADRs: BBFA BAnco Frances SA (BFR -7.4%), Grupo Financiero Galicia SA (GGAL -7.8%), Banco Macro (BMA -6.8%), Loma Negra (LOMA -4.2%), Grupo Supervielle (SUPV -5.9%), Petrobras Argentina (PZE), Telecom Argentina (TEO -8.5%), Tenaris (TS +0.4%), Ternium (TX +1.1%), Transportadora de Gas del Sur (TGS -7.1%)
- Now read: The Worst Might Be Over For Argentina
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