The market was stunned after President Mauricio Macri received just 32 percent of the primary vote over the weekend, diminishing his chances of re-election in October.
Right now, it looks like center-left Alberto Fernandez and his running mate, former President Cristina Fernandez de Kirchner, are best positioned to win.
On Monday, the peso and government bonds experienced a selloff.
The peso lost more than 20 percent of its value to 59 pesos per U.S. dollar.
Here is a chart, courtesy of Forex Live:
Everyone in Argentina wakes up 20% poorer today pic.twitter.com/AgYbcSt7yq
— ForexLive (@ForexLive) August 12, 2019
Argentina’s euro-denominated bond tumbled almost nine cents.
The nation’s leading stock market plunged 11 percent.
So, yes, Argentines woke up Monday morning 20 percent poorer.
Yikes!
Leave a Comment