# Argentina peso devalued over 50% as markets welcome Milei's 'tough pill'

> Argentina's government let the peso plunge over 50% to about 801 per dollar on December 13 as markets cautiously welcomed the first details of President Javier Milei's economic overhaul. Non-deliverable forwards priced in further weakness, and bonds rose on average.

- Date: 2023-12-13 · published 2023-12-13T12:00:00.000Z
- Category: macro · region Argentina · magnitude high
- Page: https://feedsoft.ai/events/32995-argentina-peso-devalued-over-50-as-markets-welcome-milei-s-tough-pill
- Commodities: [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

A sharp peso devaluation makes Argentine exports cheaper in dollar terms, which can speed soybean meal and oil export selling and weigh on Argentine crush and world meal prices. It also raises the cost of imported feed inputs in Argentina.

## Read by commodity

- SBM: bearish ▼
- SBO: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SBM | 2024-01-18 | [Why the Argentine peso is slipping through Milei’s fingers \| Buenos Aires Times](https://feedsoft.ai/events/32421-why-the-argentine-peso-is-slipping-through-milei-s-fingers-buenos-aires-times.md) | +1.1% | -3.7% |
| SBM | 2018-08-31 | [Argentina peso sell off stops as investors await government plan](https://feedsoft.ai/events/63819-argentina-peso-sell-off-stops-as-investors-await-government-plan.md) | +4.2% | +1.3% |
| SBM | 2019-08-31 | [Argentina curbs banks' access to pesos amid growing market turmoil](https://feedsoft.ai/events/57871-argentina-curbs-banks-access-to-pesos-amid-growing-market-turmoil.md) | -0.3% | +2.3% |
| SBM | 2023-10-10 | [Argentina's beleaguered peso sinks to new low as election looms \| Reuters](https://feedsoft.ai/events/33934-argentina-s-beleaguered-peso-sinks-to-new-low-as-election-looms-reuters.md) | +4.8% | +18.2% |
| SBM | 2021-10-22 | [Argentina's informal peso down 2.05%, country risk widens to all time high \| Financial Post](https://feedsoft.ai/events/44844-argentina-s-informal-peso-down-2-05-country-risk-widens-to-all-time-high.md) | +1.5% | +11.6% |
| SBO | 2022-09-28 | [Palm hits lowest in over 1-1/2 years as recession fears dent demand - Markets - Business Recorder](https://feedsoft.ai/events/39674-palm-hits-lowest-in-over-1-1-2-years-as-recession-fears-dent-demand-markets.md) | +2.6% | +9.3% |
| SBO | 2020-03-11 | [Ag Markets Feel Pinch As Oil Prices Plunge - ProAg](https://feedsoft.ai/events/54223-ag-markets-feel-pinch-as-oil-prices-plunge-proag.md) | -8.0% | +0.1% |
| SBO | 2020-03-09 | [Corn, soybeans, wheat drop about 2% as global markets recoil \| Financial Post](https://feedsoft.ai/events/11269-corn-soybeans-wheat-drop-about-2-as-global-markets-recoil-financial-post.md) | -8.3% | -7.2% |

## Sources

- reuters.com: https://www.reuters.com/markets/markets-greet-argentinas-tough-pill-fix-economy-with-cautious-optimism-2023-12-13/

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