# Argentina Fights on Two Fronts to Defend Peso, Draining Reserves

> Argentina's central bank is defending the peso in the parallel blue-chip swap market, after announcing on July 13 it would intervene there in addition to the official market. The peso has reportedly strengthened about 9% against the dollar in the parallel market since then, but the effort is draining foreign currency reserves.

- Date: 2024-08-02 · published 2024-08-02T12:00:00.000Z
- Category: macro · region Argentina · magnitude low
- Page: https://feedsoft.ai/events/29079-argentina-fights-on-two-fronts-to-defend-peso-draining-reserves
- Commodities: [Argentine Peso (ARS per USD)](https://feedsoft.ai/c/USDARS.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md)

## Why it matters

Heavy reserve spending and weak investor confidence in Argentina can disrupt its export economy and oilseed/meal trade flows, and a managed peso affects the competitiveness of Argentine soymeal and corn exports priced in dollars.

## Read by commodity

- SBM: neutral
- USDARS: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SBM | 2025-06-09 | [Argentina launches $2 billion repurchase agreement to boost reserves](https://feedsoft.ai/events/24495-argentina-launches-2-billion-repurchase-agreement-to-boost-reserves.md) | -1.2% | -9.3% |
| SBM | 2025-04-23 | [Milei Defies Forecasts So Far as Argentina’s Peso Strengthens](https://feedsoft.ai/events/25430-milei-defies-forecasts-so-far-as-argentina-s-peso-strengthens.md) | -1.0% | -1.0% |
| SBM | 2024-06-25 | [Milei’s push to rebuild Argentina’s foreign reserves grinds to a halt \| Buenos Aires Times](https://feedsoft.ai/events/30075-milei-s-push-to-rebuild-argentina-s-foreign-reserves-grinds-to-a-halt-buenos.md) | -1.8% | -7.4% |
| SBM | 2026-10-08 | [Argentina's two-speed economy deepens as peso appreciates and manufacturing collapses \| 24EcoNews](https://feedsoft.ai/events/17348-argentina-s-two-speed-economy-deepens-as-peso-appreciates-and-manufacturing.md) | +3.5% | -6.4% |
| SBM | 2022-08-02 | [Argentina’s Cash Needed to Avert Devaluation is Drying Up](https://feedsoft.ai/events/40324-argentina-s-cash-needed-to-avert-devaluation-is-drying-up.md) | +1.9% | -2.0% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2024-08-02/argentina-fights-on-two-fronts-to-defend-peso-draining-reserves

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.