Overview

• U.S. Treasury Secretary Scott Bessent confirmed dollar sales against pesos that day, which coincided with a ARS5 drop in the Banco Nación rate to ARS1,450.
• Barclays called the U.S. action nearly without precedent and confidence‑boosting, while flagging four risks: electoral perceptions, macro sustainability, continued support after the vote, and short‑term containment capacity.
• Analysts say it is unclear whether Washington’s move was a one‑off or part of a broader program that could include a proposed US$20 billion swap, and the size of the U.S. sales was not disclosed.
• Private estimates indicate Argentina’s Treasury has sold about US$950 million to US$1.4 billion of the US$2.228 billion raised from lower farm export taxes, with recent interventions of US$250–500 million per day leaving room for roughly two to four more sessions at that pace.
• The central bank has played a limited role within the bands regime, investors are favoring short‑duration peso assets and hedges, and markets are focused on the October 26 vote and Javier Milei’s expected meeting with President Donald Trump this week.