Argentine Peso Crashes as Macri’s Re-election Chances Drop

Posted on August 12, 2019 2:43 pm

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Argentina’s peso currency crashed on Monday while stocks and bonds fell by a degree not seen in 18 years as voters signaled they could reject market-friendly President Mauricio Macri at an election in October and return the country to interventionist economics.

The peso closed 15.27% weaker at 53.5 per U.S. dollar after plunging some 30% to a record low of 65 to a dollar earlier in the day after Macri suffered a heavy loss in a primary election.

Opposition candidate Alberto Fernandez – whose running mate is former president Cristina Fernandez de Kirchner – dominated the primary vote by a much wider-than-expected