Dramatic Rebound for Argentine Peso After Caputo Takes Over Bank [Bloomberg Business News]
ING GROUP (ISF)
US:NYSE Investor Relations:
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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, before a reality check kicked in -- sinking the currency to a record low. The policy outlook for the Argentine peso remains challenging and the change in central bank leadership doesn’t change that, said Erik Nelson, a currency strategist at Wells Fargo in New York. “We would still expect Argentine peso weakness over time, but the question for us is how significant that weakness will be and whether the currency can eventually stabilize or recover." Traders have been desperate for policy
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