Argentina’s peso slid further on Tuesday as investors reacted with skepticism to president Mauricio Macri’s plans. Many worry he will not be able to push reforms through a restive Congress amid growing frustration on the streets of Buenos Aires.
Argentina sold US$2.1 billion in three and six-month treasury notes, the Treasury Ministry said on Wednesday, as it seeks to direct investors away from shorter-term central bank debt and into longer duration instruments. The amount sold represented more than double the US$ 1 billion in dollar-denominated treasury notes that mature on Friday.
United States Federal Reserve officials grew more positive on the economic outlook, citing “substantial underlying economic momentum,” and were increasingly optimistic about achieving their inflation target, according to minutes of last month’s policy meeting.
China's central bank raised bank reserve ratios on Tuesday for the ninth time since October to try to curb inflation, which is running at its fastest pace in almost three years.
Argentina's trade surplus narrowed by 19% in June from the same month a year ago, falling short of market expectations as brisk economic growth fuelled demand for imports, according to official data released last week.
Argentina’s international reserves once again exceeded the 50 billion US dollars mark, boosted by an intervention to the Central Bank by the market in a record purchase of 262 million USD.