Overview

• U.S. Treasury-led interventions included multiple dollar sales in Argentina’s FX markets, while officials maintain the announced $20 billion currency swap has not been activated for market operations.
• Scott Bessent signaled efforts to mobilize roughly another $20 billion from private and sovereign sources, with reports citing talks involving JPMorgan, Bank of America, Goldman Sachs and Citigroup.
• Despite the support, parallel-dollar gauges surged, with Banco Nación quoting around 1,475 pesos on Friday and MEP and CCL rates jumping, underscoring persistent volatility into the final trading days before the vote.
• President Donald Trump publicly conditioned continued U.S. backing on a favorable legislative result for Milei, a message that rattled markets and prompted subsequent clarifications from both governments.
• Analysts and officials project La Libertad Avanza will need alliances with PRO, parts of the UCR and provincial blocs to advance labor, tax and pension reforms sought by Washington and the IMF.