Investors in Argentina are starting to brace for a 20% peso devaluation after the country’s Aug. 13 primary election
are starting to brace for a 20% currency devaluation after the country’s Aug. 13 primary election, the first time they have converged around the timing of a long-expected policy change.
Futures currency contracts in the local market were pricing the peso at 329 per dollar by the end of August earlier this week, compared with an official rate of 277 per dollar. Pricing has since rebounded as the central bank stepped in. Yields on local peso bonds tied to the exchange rate have also dropped as investor demand for such assets grows to shield portfolios from losses.
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