Uruguay floats peso amid Argentine woes
MARKET NEWS
MONTEVIDEO -- Uruguay last week abandoned its currency band system and allowed its currency to float amid fears of further contagion from its economically crippled neighbour Argentina.
Uruguay’s economy is mainly export-led, and the government floated the currency after its exports were unable to compete with those from Argentina, whose currency has fallen by more than 70% this year.
"It was a shock and we saw a lot of selling on the back of it," said Jana Butlang, strategist at Fleet Global
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