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Argentina's central bank will raise its daily dollar purchases to USD 75 million from USD 50 million if the peso trades outside its defined band under the IMF agreement. The peso closed at 37.35 per dollar, stronger than the 37.86 floor, after strengthening about 6% since October 1.
The bank had bought USD 560 million since the peso first fell below the band on January 10.
A stronger peso raises the dollar cost of Argentine exports, which can support international soymeal and corn prices. Larger central bank purchases signal official support for the currency, which may limit the export price advantage.
gulf-times.comBloomberg/Buenos AiresFeb 2, 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.
