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Argentine Peso Resumes Plunge After Central Bank Shakeup

  • Luis Caputo to lead monetary authority after Sturzenegger exit
  • Currency slumps Friday after surging more than 4 percent
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Argentina Pins Hope on New Central Bank Chief to Stem Peso's Slide
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The Argentine peso resumed its slide to a historic low as a major shakeup that put a former Wall Street trader at the helm of the nation’s central bank failed to curb the currency’s massive volatility.

Investors initially cheered the fact that Luis Caputo, who held roles at JPMorgan Chase & Co. and Deutsche Bank, will take over the post following Federico Sturzenegger’s surprise resignation. All that enthusiasm sent the peso up more than 4 percent in the first hour of trading Friday, before a reality check kicked in -- sinking the currency to an all-time low. The yield on Argentina’s 100-year bond jumped to a record 9 percent.