Milei Stymies Wild Peso Swings as He Resets Argentine FX Policy
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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Every morning at the Argentine central bank, traders on its foreign exchange desk start with a simple mission: Keep the peso from moving too far up or down. Most recently, they’ve been successful as the peso weakened by less than 1% in November, its smallest monthly move all year for the worst performer in emerging markets. It’s remained flat in December too. Instead of targeting a specific exchange rate, the traders aim to curb volatility day by day, trying to prevent selloffs just as much as sharp rallies, according to a person with direct knowledge of the matter.