Wednesday, 21 August, 2019

Argentinian peso crashes on surprise election outcome, USD/ARS rises more than 30%

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Russell Knight | 12 August, 2019, 23:09

Analysts predicted it could be "game over" for Macri after Sunday's results.

Fernandez's lead far exceeded the margin of 2-8 percentage points forecast in recent opinion polls.

The peso plunged 5.1 percent to 48.50 per United States dollar following early official results on the platform of digital brokerage firm Balanz, which operates the currency online non-stop.

Analyst Rosendo Fraga said Macri and Fernandez need to come to a bipartisan "governability agreement", otherwise "it's going to be very hard to build confidence" in the markets between now and October's vote.

To win outright on October 27, the top candidate must receive 45 percent of valid votes, or 40 percentof them with a 10 percentage point difference from the second-placed contender.

If there is no clear victor, voters will return for a runoff on November 24.

"This election is over", said Lucas Romero, director of polling firm Synopsis.

"The main responsibility of both coalitions should be to prioritize governance over the campaign", Vilker said, noting that the results could send markets reeling.

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Argentina's opposition leader Alberto Fernandez, won the primary elections on Sunday securing, 47.37% of votes.

The primary marked the first chance voters have had to register their preference in a high-stakes presidential race between staying the course of painful austerity measures under Mr. Macri or a return to interventionist economics. "We'll have to double our efforts ahead of the October election".

"We've had a bad election and that forces us to redouble our efforts from tomorrow", said Macri, whose popularity has plunged since last year's currency crisis and the much-criticized $56 billion International Monetary Fund bail-out loan he secured. "This is something that nobody expected. All the pollsters have failed".

Macri succeeded her with pledges to boost the economy and return Argentina to the global fold, but was instead forced to seek a record $56 billion bailout from the worldwide Monetary Fund and raise interest rates to more than 70 per cent following a currency crisis a year ago.

However, unemployment and poverty have risen. Visit MarketWatch.com for more information on this news.

Their center-left ticket has promised access to free medicines for retirees and better wages for workers, among other benefits.

"I am sure that today we Argentines begin to build a new history", Fernandez said on Sunday.

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