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South Korea pledged to take action if needed to stabilize markets after the won declined to a six-month low https://t.co/CcQPj6Hvtx ...

Core Insights - The US Treasury has significantly increased its purchases of Argentine pesos, marking the highest volume in a single session as the currency continues to depreciate despite US support [1][2] - Secretary Scott Bessent disclosed that over $200 million in pesos were sold during the trading session, with a substantial portion occurring in the last 10 minutes [2] - The US Treasury is actively monitoring the situation and has the capacity to intervene to stabilize the Argentine market ahead of the upcoming midterm elections [3][4] Market Dynamics - The Argentine peso has depreciated approximately 30% this year, with a notable drop of up to 5.2% intraday on Friday, closing around 1,450 pesos per dollar [5] - The parallel exchange rate, known as the "blue-chip swap," has also weakened, reflecting ongoing market instability [3][5] - In addition to peso purchases, the US is offering a $20 billion currency swap line and facilitating private lending of the same amount to bolster Argentina's financial stability [4]

Group 1 - The U.S. Treasury has begun purchasing Argentine pesos in both the "Blue Chip Swap" and spot markets to stabilize the currency [1] - Treasury Secretary Scott Bessent emphasized the Treasury's capacity to act flexibly and forcefully in monitoring and stabilizing Argentina's markets [1] - This marks the first announcement of U.S. participation in the "blue" market, following previous discussions about buying pesos in the open market [1] Group 2 - Both the "blue" peso and the official peso weakened, with the official currency declining by 2.8% to 1,441 per dollar and the blue peso decreasing by 0.3% to 1,450 [2] - One-month nondeliverable forwards for the peso are priced at 1,446, having peaked at 1,541 earlier in the month, while three-month forwards project the peso to be just below 1,700 [2] - The Treasury has not disclosed the amount spent on purchasing pesos or whether these purchases will follow a specific schedule [2]