The gains reflected optimism that President Javier Milei’s win will shore up support from the Trump administration.

The rallies unleashed by Argentina President Javier Milei’s surprising electoral win were stunning, with bond prices posting record gains and the stock market skyrocketing over 20% as investors stampeded back in.

President Donald Trump appears to have had a major influence on the outcome of the Argentine election this week.

The libertarian president’s ruling party staged a stunning comeback in pivotal midterm elections with unexpected support from the working class.

The greenback (DXY) is mostly softer, and the other G10 currencies are up less than 0.2%. The PBOC set the dollar's reference rate at a new low since the middle of October 2024.

President Milei’s government has used around US$7.4 billion – a figure that could rise to US$8.4 billion, including funds from US Treasury are included – to keep the peso-dollar exchange rate stable over the two months leading up to the vote.