The Argentine peso strengthened by 4.7% to 1,408.5 per USD on Monday, following a pledge from U.S. Treasury Secretary Scott Bessent for "large and forceful" support. This support may include potential swap lines and direct interventions through the Exchange Stabilization Fund to help avert a crisis ahead of midterm elections. In addition, Argentine stocks and bonds experienced significant gains, marking the largest increases in several months.
For more information on related developments, see the article on the US Treasury"s support package for Argentina.
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