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U.S. Signal and Tax Relief Knock Argentina’s Dollars Lower as Bonds Rally

Markets are waiting for specific measures from Washington that would turn the pledge into deployable cash.

Overview

  • U.S. Treasury Secretary Scott Bessent said Washington is prepared to do “what is necessary” within its mandate to support Argentina, outlining options such as swap lines, direct FX purchases and bond buys.
  • Argentina temporarily suspended export taxes on grains, oilseeds and beef and poultry through October 31, a move aimed at accelerating agro-dollar inflows.
  • Exchange rates fell across the board on Tuesday: Banco Nación at $1,430, blue at $1,475, wholesale at $1,408, MEP at $1,427.51, CCL at $1,440.87 and crypto near $1,457.
  • Sovereign bonds jumped 14%–18% and country risk dropped to about 1,083 points after the U.S. signal, reversing last week’s losses.
  • The central bank reported no intervention in the spot market and gross reserves near US$39.118 billion, as investors await formal details and the Milei–Trump discussions at the UN.