US-Argentina Currency Deal and Trump’s Foreign Policy Moves
The Argentine peso has fallen to a new low despite interventions by the US, highlighting ongoing economic challenges and currency instability in Argentina.
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Currency Weakness
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China's State Banks Act to Stabilize Offshore Yuan Amid Currency Weakness
China's major state-owned banks are reportedly actively buying up offshore yuan in an effort to stabilize the currency, which has been facing pressure due to a darkening economic outlook and strain in the property sector. By tightening offshore yuan liquidity, the banks aim to raise the cost of shorting the Chinese yuan and potentially stabilize its value. The move comes as the yuan has weakened over 5% against the US dollar this year. The offshore yuan rallied following the state bank's actions.
Erdogan's re-election causes Turkish lira to hit record low.
Turkey's lira weakened towards a record low after Recep Tayyip Erdogan won a presidential runoff election, extending his time as the nation's longest-serving leader in a tenure that has increasingly alienated foreign investors. Erdogan's unorthodox approach to interest rates has left markets beholden to an unpredictable mix of ad-hoc regulations and interventions, with new measures introduced informally and on a near-daily basis. The lira fell 0.6% to 20.10 per US dollar as of 6:10 p.m. in Istanbul, a record low on a closing basis. Wall Street analysts see more weakness ahead, with Morgan Stanley warning it may slide 29% toward 28 per dollar by the end of the year should Erdogan decline to change course.