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Turkey may need more than just rate hikes to shore up capital. Specifically, it needs about $75 billion, according to Macquarie strategists Thierry Wizman and Gareth Berry, or about 1.5 times what the International Monetary Fund agreed to loan Argentina in the largest bailout deal in its history.
The head of Argentina's central bank unexpectedly resigned Tuesday after three months on the job, delivering a blow to the worst-performing currency of 2018.
Argentina's currency sank Wednesday after President Mauricio Macri said he has asked the International Monetary Fund to speed up bailout payments to the country as its financial crisis deepens.
The Mexican peso jumped Monday after the US and Mexico reached a breakthrough on NAFTA, clearing the way for to an end to sluggish trade negotiations among the two countries and Canada that have dragged on for more than a year.
The peso fell early Monday after Mexico handed Andres Manuel Lopez Obrador the presidency in a landslide victory, shifting the country's government to the left after nearly two decades of establishment politics.
The Argintine peso is climbing against the dollar after a switchup in leadership at its central bank, which hasn't been able to prop up the country's flailing currency despite landing the biggest International Monetary Fund bailout in history.
The Mexican peso is sliding after report says Trump will move forward with tariffs on the US’s closest allies
The Mexican peso slumped against the dollar Thursday following reports that President Donald Trump is set to move forward with steel and aluminum tariffs on Mexico, Canada and the European Union as soon as the end of the week.
Argentina is seeking emergency credit from the International Monetary Fund (IMF) in an effort to prevent another financial crisis, after three consecutive interest rate rises last week failed to stop the decline of the Argentine peso against the dollar.
Argentina's central bank has raised interest rates to 40% in an attempt to save the struggling peso. The rise comes after previous interest rate hikes and a $5 billion central bank intervention failed to stabilise the declining currency.
The Mexican peso dropped more than 1% versus the dollar on Wednesday morning.