Argentine Peso Resumes Plunge After Central Bank Shakeup [Bloomberg Business News]
ING GROUP (ISF)
US:NYSE Investor Relations:
ing.com/investor-relations.htm
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Source: Bloomberg Business News
The Argentine peso resumed its slide toward a historic low as a major shakeup that put a former Wall Street trader at the helm of the nation’s central bank failed to curb the currency’s massive volatility. Investors initially cheered the fact that Luis Caputo, who held roles at JPMorgan Chase & Co. and Deutsche Bank, will take over the post following Federico Sturzenegger’s surprise resignation. All that enthusiasm sent the peso up more than 4 percent in the first hour of trading Friday, before a reality check kicked in -- sinking the currency to a record low. Traders have been desperate for policy makers to lay out a strategy to curb the peso volatility, complaining that all they got in response was disjointed and unpredictable policy. Investors had expected that a $50 billion deal with the International Monetary Fund last week would return calm to the market. Instead, the peso collapse has added to the woes of a country already under siege from double-digit inflation
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