BofA strategists predict the Argentina peso, currently the weakest global currency for the year, will face further devaluation, following the 18% devaluation this week. They foresee the exchange rate deteriorating to 545 per USD by the end of 2023 and plummeting to 1,193 by the close of 2024. This decline is anticipated due to potential political changes after the country’s presidential elections. Meanwhile, Argentina’s bonds witnessed substantial drops across emerging markets.