Argentina liberated 450.000 tons of wheat for export, a decision which is believed to be closely linked to Sunday’s election in the farming province of Santa Fe where the government of President Cristina Fernandez de Kirchner suffered a major defeat.
With the currency ever so strong against the US dollar Brazilians are travelling overseas and spending as never before, according to the latest figures from the Central Bank.
The credit rating agency Standard & Poor’s upgraded on Monday Uruguay’s rating by one notch to BB-plus, only one notch below investment grade, praising years of “prudent and consistent” economic policies in the country.
Brazil's Real soared Monday to its highest level against the US dollar since 1999. The dollar was buying 1.53 Real at midday on financial markets, representing a 0.9% increase from Friday. The dollar closed somewhat higher at 1.54 Real but below the 1.55 of twelve years ago.
The International Monetary Fund urged the United States to swiftly raise the debt ceiling to ward off risks of a credit downgrade that could damage the global economy.
Argentina's trade surplus fell 22% on the year in June. Trade surplus last month 1.02 billion dollars, down from a revised 1.31 billion in June 2010, according to the national statistics agency, Indec.
A trade agreement between Mercosur and the European Union would significantly expand European investment given the increase in bilateral trade, but ‘there’s too much fear from both sides’, according to Adrian van den Hover head of international relations for Business Europe.
US President Barack Obama reiterated on Sunday his opposition to any short-term plan to raise the US debt ceiling, while Republicans insisted on a two-step solution, a White House official said.
The head of the Argentine Rural Society, Hugo Biolcati carried out a harsh speech against the administration of President Cristina Fernandez saying it was time “to stop punishing farmlands and Argentina”.
President Barrack Obama said he would be meeting with congressional leaders, at the White House at 1100 (1500 GMT) on Saturday. On Friday Republican House Speaker John Boehner walked away from crunch debt ceiling talks with the President.