President Mauricio Macri's re-election bid is looking increasingly fraught as he struggles to tame annual inflation running above 50%
Argentinian President Mauricio Macri in Buenos Aires, April 22 2019. Picture: JUAN MABROMATA/AFP
The peso was down about 5% as of midday local time after tripping 3.52% lower on Wednesday as uncertainty over a recession and high inflation fed investor nervousness about elections in October. Macri's re-election bid is looking increasingly fraught as he struggles to tame annual inflation running above 50% and placate a electorate hard-hit by the economic malaise, a volatile peso and rising poverty.
"When a high-profile country like Argentina comes under pressure, everybody loves to sell," said Edwin Gutierrez, Aberdeen Standard Investment's head of emerging market debt."It never tends to last very long but that is the nature of the beast, the correlation causes the knee-jerk reaction."
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