Overview
- The peso strengthened to roughly 18.17–18.18 per dollar, touching an intrayear low of 18.1523 in spot trading and marking its best level since July 2024.
- High odds of a 25 bp Fed cut next week—about 87–90% per CME FedWatch—kept the dollar on the back foot as the latest PCE inflation rose 0.3% in line with forecasts.
- Analysts said optimism around a brief Sheinbaum–Trump meeting at the World Cup draw supported the peso by tempering perceived bilateral trade risks.
- Argentina confirmed a return to dollar markets with the Bonar 2029N paying a 6.5% coupon and maturing November 30, 2029, with offers on December 10 and settlement on December 12 in competitive and non-competitive tranches.
- Following the announcement, Argentina’s official and wholesale dollar rates slipped to about $1,460 and $1,435, the JPMorgan country risk gauge fell toward 613–634 points, and sovereign dollar bonds posted gains while equities were mixed.