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Argentina sharply devalued its peso and announced plans to cut public spending to reduce the fiscal deficit and tame triple-digit inflation. The official rate moved from about 360 pesos per dollar before the new administration, while the unofficial rate traded near 1,070.
The devaluation and expected removal of currency restrictions may increase Argentine export selling of soy and corn, which can pressure international meal and grain prices. Lower domestic costs for exporters also support their competitiveness.
wsj.comRyan DubéDec 12, 2023After 223 past bearish policy events, SBM moved a median -0.3% over 5 sessions (45% higher; middle half -2.2% to +1.2%), and -0.6% over 20.
After 310 past bearish policy events, CORN moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.6% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
