The Argentinian Peso is losing ground quite quickly. USD/ARS is trading around 46 at the time of writing, breaking above the previous high of 44 seen earlier this year.
The leap comes as the US Dollar strengthens across the board. In addition, a recent opinion poll shows discontent with the current government led by President Mauricio Macri. Investors are concerned with the potential return of his predecessor Cristina Fernandez de Kirchner. Elections are due in October. The South American country is facing substantial debt repayments.
The Relative Strength Index on the daily chart is touching 70, indicating oversold conditions, but as the past shows, such conditions can be sustained for some time.