Argentina's peso surged on Tuesday, pumped up by Wall Street traders cheeri...
MarketAxess data showed Argentina’s century bond 040114HN3=traded marginally higher while the January 2028 bond 040114HQ6=dipped under 37 cents on the dollar.
Argentina was included in the emerging markets index in May, potentially boosting inflows to the eight stocks that were added. On Sunday, the government authorized the central bank to restrict purchases of dollars as it burns through its reserves to prop up the peso. The currency controls were a 180-degree turn for Macri, a free-markets advocate who abolished capital controls after he came to power in 2015.
On Tuesday, the government also said in a decree published in the country’s official gazette that it would unilaterally hike the minimum wage by 35% over the next few months. Argentina’s 12-month inflation is running at close to 55%.Fernandez and his running mate, former President Cristina Fernandez de Kirchner, are considered a riskier prospect by investors, who fear Argentina could return to the interventionist policies of her former government.
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