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Argentina's government devalued its official exchange rate by as much as 18% to around 350 pesos per dollar and raised its key interest rate by 21 percentage points to 118%. The government said it was running out of funds to defend the currency.
The devaluation and rate hike signal an IMF-linked shift that could increase Argentine farmer selling of soy products and affect global meal and oil supplies.
bloomberg.comScott Squires, Ignacio Olivera Doll, Giovanna Bellotti AzevedoAug 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.
