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FX forwards markets jolted by Argentina devaluation plan

Reuters
·1-min read

LONDON, Dec 13 (Reuters) - Argentine peso "non-deliverable" fx forwards moved sharply on Wednesday after the country's new government said it would devalue currency by over 50% to 800 per dollar.

While large moves were to be expected in the wake of the widely-flagged plan, traders were betting the peso's value would continue to dive, with 6-month forwards pricing a level of 1,022 per dollar and 1-year forwards a level of 1,687.

Since 2019, Argentina's peso currency has been kept artificially strong by strict capital controls which create a wide gap between the official exchange rate of 366 per dollar and parallel rates as high as 1,000 per dollar.

(Reporting by Marc Jones; Editing by Amanda Cooper)