ARS: BCRA Keeping Our Target On Track

We are sticking with our view that the Argentine peso will continue to sell off over the course of the year towards our ARS4.8000/US$ target. The Banco Central de la República Argentina (BCRA) continue to heavily manage the currency, steering it weaker in a bid to alleviate fiscal pressures and support the export sector. We believe that the all-time low of ARS3.8800/US$ will be taken out in the short term, a level last seen at the height of the 2001-2002 crisis.

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