Overview
- Global markets moved after the U.S. midterms on Wednesday, Nov. 4, with the Bloomberg dollar index falling about 0.5% and several emerging-market currencies, including the Mexican peso, strengthening against the dollar.
- In Argentina on the morning of Nov. 4, official and alternative FX quotes diverged sharply: Banco Nación minorista around ARS 1,520/1,570, mayorista about ARS 1,551, blue roughly ARS 1,550–1,570, MEP near ARS 1,574, CCL about ARS 1,673, crypto-based rates near ARS 1,638 and the 'dólar tarjeta' at about ARS 2,041.
- Investor caution hit sovereign assets as Argentina's JPMorgan 'riesgo país' climbed to roughly 830–831 basis points and dollar‑denominated bonds fell, indicating higher borrowing costs and tighter external financing conditions.
- Economy Minister Luis Caputo publicly rejected devaluation and defended the current exchange framework, saying the government will not use devaluation to restore competitiveness as markets reassess political risks tied to U.S. developments.
- Argentina operates a segmented FX system where different rates serve distinct needs: the mayorista is for wholesale operations, MEP and CCL are financial routes to obtain dollars through local and external securities trades, and the blue and crypto quotes reflect informal and crypto channels that together signal stress in access to dollars.