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Jorge Otaola

UPDATE 2-Argentine peso rises on optimism over IMF deal, challenges remain

Sep 21 2018

BUENOS AIRES, Sept 21 Argentina's peso strengthened for the third straight day on Friday, driven by optimism that the government would sign a revised financing deal with the International Monetary Fund to include stricter fiscal measures and faster cash disbursements.

UPDATE 4-Argentine peso strengthens on optimism over IMF talks

Sep 20 2018

BUENOS AIRES, Sept 20 The Argentine peso closed 2.9 percent stronger on Thursday, reflecting investor optimism that the recession-hit country will strike a new standby financing agreement with the International Monetary Fund aimed at guaranteeing government solvency.

Argentina's peso drops 3.5 percent to new record low close

Sep 13 2018

BUENOS AIRES Argentina's peso currency fell 3.51 percent to close at a new record low of 39.9 per U.S. dollar on Thursday, as market confidence ebbs away in Latin America's no.3 economy despite President Mauricio Macri's efforts to reassure investors.

UPDATE 2-Argentine peso dips, central bank keeps key interest rate at 60 pct

Sep 11 2018

BUENOS AIRES, Sept 11 Argentina will maintain its benchmark interest rate at 60 percent until at least December, the central bank said on Tuesday, adding that it would take any measures necessary to control inflation and assure the country will continue meeting its debt obligations.

EMERGING MARKETS-Argentine peso rises for 3rd day, gains slightly this week

Sep 07 2018

By Jorge Otaola BUENOS AIRES, Sept 7 Argentina's peso rose for a third day running on Friday after the central bank said government financing for 2019 was secure and that yields on the country's sovereign debt were too high, bucking pressure on other currencies in Latin America. The peso closed up 1.27 percent after slipping in morning trade, marking a gain of 0.05 percent this week, also lifted by optimism about talks between the government and the International Monetary Fund to shore up Argentina's finances. "There is no doubt that there is an over-exaggeration. This is going to correct itself quicker than markets believe," central bank governor Luis Caputo said of the sovereign debt yields at a conference of finance executives. Financing for 2019 would be "more than sufficient", he added. The Argentine peso plummeted 16 percent last week after President Mauricio Macri announced that the country would seek early disbursements from its stand-by deal with the IMF to assuage concerns about sustainability of its debt. Markets were closed in Brazil for a national holiday a day after the stabbing of far-right presidential candidate and front-runner Jair Bolsonaro jolted the country, throwing the election race into chaos a month before the vote. Several currencies in the region weakened after U.S. President Donald Trump said on Friday he had tariffs ready to go on $267 billion worth of imports from China, stirring fears of escalation in a gathering global trade conflict. That threat came on top of $200 billion worth of China's goods already facing potential duties. There was also no breakthrough yet in U.S.-Canada talks to find common ground in the renegotiation of the North American Free Trade Agreement (NAFTA), though Canada's foreign minister said "very good progress" was being made. Mexico's peso fell 0.8 percent, Peru's sol closed down 0.12 percent to its lowest level in 20 months, and Chile's peso shed 0.26 percent. Colombia's peso, by contrast, was trading up over 0.8 percent in the afternoon. Key Latin American stock indexes and currencies at 1945 GMT: Stock indexes Latest Daily YTD pct pct change change MSCI Emerging Markets 1,018.29 -0.34 -12.1 MSCI LatAm 2,410.79 1.29 -14.76 Mexico IPC 48,893.32 0.44 -0.85 Argentina MerVal 29975.00 0.09 -0.30 Colombia IGBC 11,996.81 0.03 5.50 Chile IPSA 5,221.01 1.00 -6.175 Currencies Latest Daily YTD pct pct change change Mexico peso 19.3358 -0.82 1.88 Chile peso 690.80 -0.26 -11.02 Colombia peso 3,058 0.81 -2.49 Peru sol 3.326 -0.12 -2.68 Argentina peso (interbank) 36.95 1.27 -49.66 (Writing by Dave Graham; Editing by Sandra Maler)

UPDATE 3-Argentina's central bank chief says 2019 financing assured

Sep 07 2018

BUENOS AIRES, Sept 7 Argentina's central bank chief said on Friday government financing for 2019 "will be more than sufficient" and that the recent sharp depreciation of the country's peso currency will "correct itself quicker than markets believe."

Argentina confident about new deal with IMF, peso rises

Sep 05 2018

BUENOS AIRES/WASHINGTON Argentina's economy minister sounded upbeat on Wednesday about clinching a new deal with the International Monetary Fund after two days of talks in Washington, and said had sought U.S. support for securing approval from the IMF's board.

Argentina peso firms as central bank intervenes, IMF voices support

Aug 31 2018

BUENOS AIRES Argentina's beleaguered peso bounced back slightly on Friday after the central bank auctioned $250 million in dollar reserves and the International Monetary Fund issued a strong statement of support for President Mauricio Macri's government. | Video

Argentina to announce new economic measures after peso freefall

Aug 30 2018

BUENOS AIRES Argentina's peso lost as much as nearly one-fifth of its value on Thursday despite the central bank's hiking its benchmark interest rate to a dizzying 60 percent as investors panicked over President Mauricio Macri's handling of an economic crisis.

World News

Gunmen kill 24, including 12 Revolutionary Guards, in attack on Iran military parade

Gunmen fired on a military parade in southwestern Iran on Saturday, killing 24 people, half of them members of the Revolutionary Guards, state news agencies reported, in one of the worst attacks ever on the elite force.State television said the assault, which wounded more than 60 people, targeted a stand where Iranian officials had gathered in the city of Ahvaz to watch an annual event marking the start of the Islamic Republic's 1980-88 war with Iraq.