FX losses mount after Argentina’s devaluation
Citi, Adidas among those taking hits totalling over $3.3bn in Q4 as dealers cite lack of hedging tools
Adidas, BBVA, Citi, Dow Chemical, Halliburton, Puma and Sherwin-Williams are just some of the names that have announced big foreign exchange losses linked to devaluations in the Argentine peso in the second half of 2023, costing them more than $3.3 billion in total.
Market participants say the lack of practical hedging options for the currency means there is little that firms could have done to mitigate the effects of its slide.
“There’s barely any market for the peso – you have to find people
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