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Peso, Rand Plummet As Emerging Market Crisis Deepens
Peso, Rand Plummet As Emerging Market Crisis Deepens The EM contagion is slamming currencies around the globe, and while the Turkish Lira remains relatively immune for the time being, traders are now focusing their attention on the South African rand and the Argentine peso, both of which are in freefall this morning. The ZAR has […]
Peso Set To Disintegrate After IMF Tells Argentina To Stop Supporting Currency
Peso Set To Disintegrate After IMF Tells Argentina To Stop Supporting Currency On May 11, three days after Argentina secured a $50 Billion IMF bailout – the largest in the fund’s history – we jokingly noted that with the peso resuming its slide, an indication the market did not view the IMF backstop as credible, […]
In Argentina “All Bets Are Off” As Peso Disintegrates
In Argentina “All Bets Are Off” As Peso Disintegrates “All bets are off” in Argentina” – as Bloomberg puts it – where the value of the local peso has plummeted, falling 20% this week alone. It is now 50$ weaker on the year versus the USD, making it the worst performing currency of 2018 and sending […]
Weekly Commentary: Turkey (Nudged Over the Cliff)
Weekly Commentary: Turkey (Nudged Over the Cliff) The Turkish lira sank 13.7% in chaotic Friday trading. The lira’s 21.0% “worst week in 17 years” collapse pushed y-t-d losses to 41.1%. Turkish 10-year yields spiked to almost 21%, before retreating somewhat. After beginning the year at 155, Turkey sovereign credit default swaps (CDS) spiked 166 bps […]
Argentina Blew A Billion Dollars To Rescue The Peso On Friday… And Failed
Argentina Blew A Billion Dollars To Rescue The Peso On Friday… And Failed Even Eva Peron would be crying… The last 24 hours have not been great for Argentina. First – despite endless jawboning about The IMF bailout and how it will secure the nation’s future and enable reforms, the currency collapsed to a new […]
We’re Gonna Need A Bigger Bailout – Argentine Peso Plummets To New Record Low
We’re Gonna Need A Bigger Bailout – Argentine Peso Plummets To New Record Low The Argentine Peso collapsed again today – plummeting below last week’s record low to 29/USD. Desk chatter suggests that no one turned up this morning as the central bank announced it would increase its daily spot auctions to USD150mn on Thursday […]
Weekly Commentary: Crisis Watch
Weekly Commentary: Crisis Watch Where to begin? Contagion… The Argentine peso dropped another 5.0% this week, bringing y-t-d losses to 23.7%. The Turkish lira fell 3.9%, boosting 2018 losses to 15.4%. As notable, the Brazilian real dropped 3.7% (down 11.5% y-t-d), and the South African rand sank 4.0% (down 3.0% y-t-d). The Colombian peso fell […]
Argentine Peso Collapses 29% After Government Lifts Currency Controls
Argentine Peso Collapses 29% After Government Lifts Currency Controls For those interested in a case study of what happens after a dramatic devaluation, you now have front row seats for what is likely to be a 25-30% peso plunge. Grab the popcorn. That’s what we said on Wednesday evening in “Prepare For Peso Plunge: Argentina Lifts Currency […]
Currency Controls Strangle Argentina, But Hey, “Take it up with the Next Government, We’re on Our Way Out”
Currency Controls Strangle Argentina, But Hey, “Take it up with the Next Government, We’re on Our Way Out” Running out of money doesn’t care if you’re a socialist or neoliberal. Last week wasn’t easy for President-on-her-way-out Cristina Fernández de Kirchner. On the political front, she treated us with deafening silence following her candidates’ poor performances […]
Did Argentina’s CNV Pass a Law to Avoid a Bond Payment?
Did Argentina’s CNV Pass a Law to Avoid a Bond Payment? Last Tuesday, Argentina’s securities regulator, the CNV, shocked markets by announcing Resolution 646 requiring that mutual funds price dollar-denominated assets in pesos at the official government rate rather than the market rate that is closer to the parallel or blue dollar. Despite efforts from banks […]
