{"id":2024342,"date":"2023-09-07T08:11:02","date_gmt":"2023-09-07T12:11:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/argentina-peso-at-risk-of-another-devaluation-after-election-reuters-poll\/"},"modified":"2023-09-07T08:15:50","modified_gmt":"2023-09-07T12:15:50","slug":"argentina-peso-at-risk-of-another-devaluation-after-election-reuters-poll","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/argentina-peso-at-risk-of-another-devaluation-after-election-reuters-poll\/","title":{"rendered":"Argentina&#8217;s peso vulnerable to further devaluation post-election: Reuters survey."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fargentina-peso-at-risk-of-another-devaluation-after-election-reuters-poll%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2024342&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<h2>Argentina&#8217;s Peso\u2064 at Risk of Devaluation After Election, Poll Shows<\/h2>\n<p>By Gabriel Burin<\/p>\n<p>BUENOS\u2062 AIRES (Reuters) \u2013\u2064 Argentina\u2019s troubled peso currency is at risk of suffering another devaluation after October\u2019s presidential election or a potential second round in November, a Reuters poll of \u2063strategists\u2064 found.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>Last month, as part of an agreement \u200dwith the \u200cInternational Monetary Fund (IMF), the Peronist government depreciated the benchmark <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/caruzo-socialists-create-foreign-currency-tax-to-bring-bolivar-back-from-the-dead\/\" title=\"CARUZO \u2013 Socialists Create Foreign Currency Tax to Bring Bolivar Back from the Dead\">official exchange rate<\/a> by nearly 18% and pegged it at 350 per dollar in the \u200cwake of a key primary vote.<\/p>\n<p>But now it is expected to \u200btrade at 419.8 per dollar in\u200c 3 months, according\u200d to the median estimate of 19 economists polled Sept. 1-5.\u200b This would imply a\u200c 16.6% devaluation on the heels of the Oct. 22 vote and a possible second round on \u2062Nov. 19.<\/p>\n<p>Only one respondent saw the peso virtually unchanged at 355 per dollar in the period while all the\u2064 remaining participants viewed a break of the peg, with estimates ranging from 383.8 \u200cto Goldman Sachs\u2019 forecast of\u200d 700 per dollar.<\/p>\n<p><strong>\u201cPegging the \u200bofficial exchange rate is complex because\u200b inflation will have eroded \u2064any competitiveness gains obtained with the \u200ddevaluation after the primaries,\u201d<\/strong> \u200b said Lorenzo \u2064Sigaut\u2062 Gravina, research director at Equilibra.<\/p>\n<p>\u201cThat is\u2064 why, following a few weeks of calm, we expect a significant adjustment\u200b in the official exchange rate towards the end of the year \u2026 the IMF will demand another correction to make \u200bnew disbursements,\u201d he \u2063added.<\/p>\n<p>The \u200dFund, which Argentine \u200cmedia says has questioned the complicated currency scheme of multiple rates, acknowledged \u201cupfront \u2063efforts to strengthen the FX\u200c regime\u201d as it released a tranche of the country\u2019s credit line after the devaluation.<\/p>\n<p>In 12 months, \u200cthe peso is\u200b forecast to weaken 65% to trade at 1,004 \u2064per dollar. In freely traded parallel \u200dmarkets, it is already quoted closer \u200cto that level, at around 720, for a nearly 100% spread over the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/germany-tightens-covid-restrictions-on-restaurants-and-bars\/\" title=\"Germany Tightens Covid Restrictions on Restaurants and Bars\">official rate<\/a>.<\/p>\n<p>Current President Alberto Fernandez and Economy Minister Sergio Massa \u2063\u2013\u2062 who the Peronists chose as their candidate to replace Fernandez \u2013 blame this year\u2019s drought, opposition tactics, and\u2064 corporate greed for\u2063 Argentina\u2019s economic woes.<\/p>\n<p>By contrast, \u2062the main political contenders Javier Milei\u200d and Patricia Bullrich, whose parties relegated the Peronists to a third place in the\u200c primary, point to excessive spending and money printing as the roots of Argentina\u2019s financial ordeal.<\/p>\n<p>\u201cThe government will have to devalue again because it\u2019s running out of \u2063gas \u2013 whether\u200c it\u2019s after the presidential vote or the second round, that will depend on the results,\u201d Gabriel Caama\u00f1o, managing partner at Consultora\u2064 Ledesma, said.<\/p>\n<p>So far in 2023, the Argentine\u200b peso\u2063 is down\u2064 50%. The Brazilian real and the \u200cMexican peso, Latin America\u2019s top currencies, \u2062have gained 6.4% and nearly 12% respectively.<\/p>\n<p>In one year, the real is expected to trade\u200b at 5.03 per dollar, just\u200c 1.2% weaker than its value on Tuesday. The Mexican peso \u200cis also seen with a relatively \u2063small \u200bloss of 2.3% in 12 months, changing hands at 17.84 per dollar.<\/p>\n<\/p>\n<p>  \u200b (Reporting and polling by Gabriel Burin\u2063 in Buenos Aires; Additional polling \u200cby\u2064 Devayani Sathyan, Pranoy Krishna and Sujith Pai in Bengaluru; Editing by \u200bAlison Williams)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/argentina-peso-at-risk\/attachment\/file-photo-a-one-hundred-argentine-peso-bill-sits-on-2\/\"><\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h3>Other \u200dNews:<\/h3>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>As Secretary of State Antony Blinken visits Ukraine to offer commitments of further military \u2063assistance,\u2062 GOP Senators are \u2064raising concerns about the Biden Administration\u2019s goals in Ukraine.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>New York Governor Kathy Hochul met with President Biden last week to\u200d discuss the state\u2019s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/reacting-to-furious-leftist-backlash-psaki-blames-reaction-to-bidens-refugee-policy-on-confusion\/\" title=\"Reacting To Furious Leftist Backlash, Psaki Blames Reaction To Biden\u2019s Refugee Policy On \u2018Confusion\u2019\">ongoing migrant crisis<\/a>. \u200bOne America\u2019s Caitlin Sinclair with more.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Hunter Biden\u2064 is expected to \u2062receive a Gun Charge, while Tucker Carlson hosts a\u2064 guest claiming to have intimate knowledge \u2063of Obama.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>Former Assistant U.S. Attorney \u2064and Watergate author\u2063 John O\u2019Connor\u200c says \u2064that \u2062what Joe Biden\u200b is accused of\u200c doing is worse than anything Nixon ever did.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Brenda Goh SHANGHAI (Reuters) \u2013 Huawei Technologies\u2019 new high-end smartphone contains more\u200b China-made chip \u2063components than previous models in a sign\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Ron Bousso \u2063LONDON (Reuters) \u2013 BP launched on Thursday Britain\u2019s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/argentina-peso-at-risk-of-another-devaluation-after-election-reuters-poll\/\" title=\"Argentina's peso vulnerable to further devaluation post-election: Reuters survey.\">largest\u2062 electric vehicle charging hub<\/a> near Birmingham, capable of serving up\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Barbara Lewis and Supantha Mukherjee LONDON\/STOCKHOLM (Reuters) \u2013 At leading Swedish university \u200cLund, teachers decide which students can use artificial intelligence\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Huw Jones LONDON (Reuters) \u2013 Global financial regulators and the\u200d International Monetary Fund on Thursday\u200d set out a roadmap to coordinate\u2026 <\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Argentina&#8217;s peso faces the threat of further devaluation post-elections, according to a Reuters poll. The currency&#8217;s future hinges on the outcome of the October presidential election and a potential second round in November. In a bid to secure an agreement with the IMF, the Peronist government recently devalued the benchmark.<\/p>\n","protected":false},"author":66,"featured_media":2024343,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-2024342","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2024342","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2024342"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2024342\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2024343"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2024342"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2024342"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2024342"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}