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Argentina's planned gradual peso devaluation, agreed with the IMF within a currency band, is being hampered by the central bank's monetary base target and the weaker US dollar tied to looser Federal Reserve policy. Inflation is rising faster than expected while Argentine forex reserves have reached a record high.
Slower peso depreciation reduces the competitive edge of Argentine grain and meal exports, which may support global feed prices if it persists. The effect on commodity prices is limited for now.
centralbanking.comVictor Mendez-BarreiraFeb 22, 2019Not 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.
