Major Latin American currencies, 2-year chart:
I am no currencies expert, and surely there are a dozen or more regular readers who could explain this chart better than I could. So I’m just going to make a comment: Next time I hear a central banker say that there’s no way to control currency exchange rates (I’m lookin at you, Chile), I will have to show him (they’re always men, you notice) this chart. Argentina has taken a slower and more stable devaluation than most, but stable is nice when it comes to currencies. And Peru? Peru’s sol has strengthened in as straight a line as you’re going to get outside of Nazca. Impressive and odd.