Argentina: A Ray Of Sunshine From The Fed

Investors and policymakers in Argentina are hoping that the surprise easing in U.S. monetary policy will boost the extremely weak Argentine economy.

That's because the Argentine peso is hard-pegged to the U.S. dollar. In the past, the greenback's rise pulled the peso up along with it, causing Argentine exports to become too expensive in global markets. Now with the U.S. dollar falling, better export growth, along with lower interest rates, has lifted Argentina's prospects.