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Argentina's central bank devalued the peso by about 22% and raised its key interest rate by 21 percentage points to 118% a day after a shock primary election result favoring libertarian candidate Javier Milei. Foreign exchange trade had shriveled and bond markets were under strain.
Investment banks warned the financial outlook would worsen without a broader exchange rate plan.
A sharp peso devaluation raises the peso cost of the dollar and can push Argentine oilseed and meal exporters to sell more product abroad, which weighs on global soymeal and soyoil prices. Continued currency instability adds uncertainty to Argentine export flows.
reuters.comEliana RaszewskiAug 14, 2023Not enough comparable past events yet for a historical read.
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.
