Argentina’s currency and government bonds surged on Monday as investors bet that a landslide midterm election victory for Javier Milei’s party has rescued US-backed pro-market reforms and stopped an immediate run on the peso.
Yields on the country’s dollar debt tumbled below 10 per cent, reflecting a surge in prices, after Milei’s La Libertad Avanza won nearly 41 per cent of the vote in Sunday’s legislative elections.
The peso strengthened almost 4 per cent to 1,432 to the US dollar on Monday. The country’s Merval stock index soared 21 per cent.
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