Overview

• Argentine assets tumbled after the ruling coalition’s heavy defeat in Buenos Aires, with the country risk gauge topping 1,000 points and the peso trading near the band ceiling around 1,460–1,470 per dollar.
• President Javier Milei and Economy Minister Luis Caputo said policy will not change, vowing to uphold the fiscal surplus, tight monetary stance and the IMF-backed banded exchange regime.
• Caputo met with Milei and Inter-American Development Bank president Ilan Goldfajn as the cabinet convened twice, yet no new measures were announced and markets continued to seek clarity.
• Banks and consultancies weighed interventions such as defending the current band, raising the ceiling or reintroducing capital controls, while recent Treasury dollar sales and limited liquid reserves — cited near $15.8 billion — were flagged as constraints.
• Attention turns to a sizable peso debt rollover of about $7 trillion this week and to October’s national elections, with analysts and creditors watching whether authorities can maintain the framework and the 1.6%‑of‑GDP primary surplus target.