ARS: Intervention To Continue

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The peso has shown signs of life over the past few weeks, owing mainly, we think, to the seasonal upturn in exports in the second quarter of the year. But the Banco Central de la Republica Argentina (BCRA) has intervened aggressively on the forex market in order to stem peso appreciation, and this activity is likely to keep the unit rangebound (most probably on the weak side of ARS2.9500/US$) for the next few