The Argentine peso snapped a five-day losing streak as Wall Street banks were active in the local currency market amid attempts by the United States government to help its ally Javier Milei ahead of a crucial vote this weekend.
Both JPMorgan Chase & Co and Citigroup Inc were active in Argentina’s spot market Wednesday, according to people familiar with the matter. The peso, which had declined for five straight sessions, closed 0.1 percent stronger at 1,489 per US dollar – two pesos from the weakest limit of its trading band.
Traders estimate the US Treasury sold between US$400 million and US$500 million, which they say is its biggest intervention so far.
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