And the 'Century' bonds are now trading +5bps in yield...
If at first you don't succeed (in intervening in the FX markets)... give up."
That appears to be the message as Luis Caputo was named central bank Governor after Federico Sturzenegger quit.
For now the peso pounding is taking a rest, as its rips higher at the open after Finance Minister Dujovne speaks at a press conference this morning where he says that Argentina regains confidence with Caputo at the BCRA.
The IMF supported Argentina's decision to change the leadership of the central bank.
Dujovne reasserts that Argentina has a floating exchange rate that allows central bank intervention. He noted that the central bank is the one in charge of intervening and will leave mechanics to them.
Argentina is confident that Luis Caputo at the helm of the central bank restores credibility.
And for now, desperate to show some positive reaction and create momentum, we suspect once again the central bank is "the only dollar seller in the market..."