JPMorgan, Citi Wade Into Argentine FX to Help US Halt Peso Slide

The Argentine peso snapped a five-day losing streak as Wall Street banks were active in the local currency market amid attempts by the US government to help its ally Javier Milei ahead of a crucial vote this weekend.

Both JPMorgan Chase & Co. and Citigroup Inc. were active in Argentina’s spot market Wednesday, according to people familiar with the matter. The peso, which had declined for five straight sessions, closed 0.1% stronger at 1,489 per US dollar — two pesos from the weakest limit of its trading band.

Traders estimate the US Treasury sold between $400 million and $500 million, ...