Argentine markets are likely to take their cue from the outcome of Sunday’s primary elections when they open next week, but we would caution that the vote doesn’t always foreshadow the presidential election outcome. Looking through the election noise, we expect the peso and bonds to come under pressure over a 12-18 month horizon. Elsewhere, the consensus seems to be shifting towards our view that Mexico’s central bank will begin an easing cycle at its meeting on Thursday.
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