# Argentina peso sell off stops as investors await government plan

> The Argentine peso lost about 20 percent against the dollar in two days, reaching a record low of 39.25 per dollar before steadying Friday. The central bank raised its benchmark rate to 60 percent from 45, and a new spending-cut package was expected Monday.

- Date: 2018-08-31 · published 2018-08-31T12:00:00.000Z
- Category: macro · region Argentina · magnitude medium
- Page: https://feedsoft.ai/events/63819-argentina-peso-sell-off-stops-as-investors-await-government-plan
- Commodities: [Argentine Peso (ARS per USD)](https://feedsoft.ai/c/USDARS.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

A sharp peso devaluation lowers Argentina's dollar cost of exporting soybeans and meal, which tends to accelerate farmer selling and pressure world soymeal and corn prices.

## Read by commodity

- SBM: bearish ▼
- CORN: bearish ▼
- USDARS: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SBM | 2017-02-07 | [Investment outlook for Argentina - BBH — Octa](https://feedsoft.ai/events/72754-investment-outlook-for-argentina-bbh-octa.md) | +3.1% | -1.8% |
| SBM | 2023-12-13 | [Argentina peso devalued over 50% as markets welcome Milei's 'tough pill'](https://feedsoft.ai/events/32995-argentina-peso-devalued-over-50-as-markets-welcome-milei-s-tough-pill.md) | -4.8% | -12.4% |
| SBM | 2018-08-30 | [Argentina hikes interest rate to 60 percent; peso plunges \| AP News](https://feedsoft.ai/events/63820-argentina-hikes-interest-rate-to-60-percent-peso-plunges-ap-news.md) | +2.9% | +2.0% |
| SBM | 2018-06-14 | [Argentina Got a $50 Billion Loan and Peso Is in Free Fall Anyway - Bloomberg](https://feedsoft.ai/events/64804-argentina-got-a-50-billion-loan-and-peso-is-in-free-fall-anyway-bloomberg.md) | -4.2% | -4.1% |
| SBM | 2018-09-27 | [Argentina peso slides after record loan with IMF \| AP News](https://feedsoft.ai/events/63331-argentina-peso-slides-after-record-loan-with-imf-ap-news.md) | -0.1% | -0.5% |
| CORN | 2018-09-27 | [Argentina peso slides after record loan with IMF \| AP News](https://feedsoft.ai/events/63331-argentina-peso-slides-after-record-loan-with-imf-ap-news.md) | -0.5% | -0.3% |
| CORN | 2018-08-30 | [Argentina crisis: Peso crashes to record low amid IMF plea](https://feedsoft.ai/events/63822-argentina-crisis-peso-crashes-to-record-low-amid-imf-plea.md) | +2.0% | +4.0% |
| CORN | 2022-06-28 | [Argentina's economic crisis whack-a-mole goes into overdrive \| Reuters](https://feedsoft.ai/events/41227-argentina-s-economic-crisis-whack-a-mole-goes-into-overdrive-reuters.md) | +4.0% | -16.7% |

## Sources

- cnbc.com: https://www.cnbc.com/2018/08/31/argentina-peso-sell-off-stops-as-investors-await-governmnet-plan.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.