Mike Shedlock

Argentina Institutes 50% Tax on Internet Purchases; Emerging Market Contagion Spreads; Argentina, Venezuela, Turkey Roundup

Yesterday, Argentina devalued the Peso hoping to halt further declines in its currency reserves. Markets had seen this coming as charts of the Peso vs. the US dollar show.

Peso vs. US Dollar One Week

Peso vs. US Dollar One Month

Peso vs. US Dollar Five Years

In the past 12 hours the peso fell as low as 8.164 to the dollar but currently sits at 7.164. Using the current close of 7.164 as our reference, here is a summary.

  • In the last week the peso fell from 6.643 to 7.164.
  • In the last month the peso fell from 6.362 to 7.164.
  • In the last five years the peso fell from 3.07 to 7.164.

Mike Shedlock

Mike Shedlock is a registered investment advisor representative for Sitka Pacific Capital Management.

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