Morning Commentary: Argentina bonds flat to lower; Turkish lira strengthens further

By Rebecca Melvin

New York, Aug. 15 – Argentina’s sovereign bonds were unchanged to slightly lower on Wednesday as the Argentine peso slipped amid ongoing market turmoil tied to devaluation of emerging markets currencies and the strengthening dollar.

But measures taken by Argentina’s government on Tuesday to increase the resilience of its economy were seen as significant and supportive to the debt market, a New York-based trader said.

Trading volumes are low as is typical for mid-August, but even for August they are below average, the trader said.

In Turkey, the lira was stronger for as second day, jumping after Turkey took measures on Tuesday making it harder to bet against the lira and easing rules on restructuring loans. On Wednesday the Turkish government announced new import tariffs against U.S. products, including rice, cars, alcohol and coal, totaling $533 million.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.