A mail arrives asking for an update on the Argentine Peso’s performance versus the dollar in the last week (yup, we do requests). So here are a couple of charts that start on the day before the headline-grabbing dela and continue until today, but the main takeaway is “no news”:
Here we see the official dollar rate (red line) and the ‘Dolar Blue’ (street rate), and the gap has steadied to around ArgP$4.
The official dollar is trading at ArgP$7.77 this morning and it’s been clicking down by an inconsequential penny every day this week. The Dolar Blue has fluctuated between 11.7 and 11.8, with reported trading light (retail forex yes, larger scale transactions rare).
Here’s a better view of the gap, the trend is clear enough and from last month’s panicky difference of 5, we’re back at 4 and where we were at the very start of the year:
In this world, no news is good news. We’re consolidating around a new and tight price range and let’s face it, a bit of stability will help Argentina’s cause no end. This will not be received gladly by the country’s rabid detractors, of course. But fuck them, they’re assholes who only care about money and don’t give a toss about the country or its people.