May 14, 2018

Fears of crisis deepen as Argentina's currency hits new low

Argentinian Treasury minister N. Dijovne greets C. Lagarde from the IMF. Stephen Jaffe/IMF Getty Images

Argentina's currency sunk to new lows today, sparking fears of a crisis that could expand throughout the region. The peso has lost 18% of its value against the U.S. dollar in the last 12 days despite an aggressive rate hike, and the announcement of a loan from the IMF, per the FT.

Why it matters: President Mauricio Macri has been trying to push more pro-market policies after a decade of populist governments in Argentina. His reforms have not produced the desired economic boost in a country with high inflation and anemic growth. The rise in the dollar's value and the lack of confidence in Macri's policies have turned into a storm that could affect other regional markets.

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  1. Global: Total confirmed cases as of 4 p.m. ET: 649,904 — Total deaths: 30,249 — Total recoveries: 137,319.
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  3. Federal government latest: President Trump is considering a quarantine on New York, parts of New Jersey and Connecticut. He signed a $2 trillion stimulus bill to give businesses and U.S. workers financial relief.
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Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens and confirmed plus presumptive cases from the CDC

Italy has reported 889 new deaths since Friday. The country has the highest death count from the novel coronavirus.

The big picture: The U.S. leads the world in confirmed coronavirus cases, as the number of global cases nears 650,000. Governments around the world are trying to curb the medical and financial fallout of COVID-19, as infections surge across Europe and the U.S.

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Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios

President Trump said on Saturday he is considering a "short term" quarantine of New York, New Jersey and parts of Connecticut — states that have already taken steps to quarantine residents and promote social distancing.

The big picture: With 112,000 people infected, the U.S. has the most COVID-19 cases in the world, exceeding China and Italy, per data from Johns Hopkins. A second wave of American cities, including Boston, Detroit, New Orleans and Philadelphia, are reporting influxes of cases.

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