Lured by 38% Rates, Carry-Trade Investors Pile Into Milei’s Peso
President Javier Milei during the World Economic Forum in Davos this month.
Photographer: Chris Ratcliffe/Bloomberg
Having lost more of its value than any other major currency in the world this century, the Argentine peso has long been seen as far too unstable to lure carry-trade investors. But in a sign of just how much President Javier Milei has regained the market’s confidence in the wake of his party’s midterm-election victory, evidence is mounting that those investors are starting to pile into the peso.