The rallies unleashed by Argentina's President Javier Milei’s surprising electoral win were stunning, with bond prices posting record gains and the stock market skyrocketing over 20 percent as investors stampeded back in.
The ebullience was far more subdued when it came to the linchpin of Milei’s plans to remake Argentina’s economy: the peso. As trading wore on Monday, the currency steadily pulled back from its early morning surge to end less than four percent higher – at roughly where it was two weeks ago.
The restrained advance reflects, in part, gnawing doubts that the nation will maintain the currency-trading band that it defended so aggressively in the run-
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