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Argentine peso rises after Macri allies' strong showing in mid-term election

Argentine peso rises after Macri allies' strong showing in mid-term election”

The ruling coalition of center-right President Mauricio Macri won most votes in Argentina's parliamentary elections according to the forecast, the France press reported.

The question is whether traders listened to those polls last week and priced in President Mauricio Macri's coalition gaining seats in Congress and winning the key senate spot for Buenos Aires province.

In a widely-watched race, Esteban Bullrich, Macri's former education minister and ally, beat the president's left-leaning predecessor, Cristina Fernandez de Kirchner, with 42.7 percent versus 36 percent in the capital, preliminary results showed.

Cambiemos won about 40 percent of the votes, with Fernandez's Front for Victory party receiving about 30 percent.

"We believe in the need to unite all the different political forces that believe this political and social model of austerity will only cause pain to most of the population", she said after the votes were counted.

The voting's preliminary results also show that candidates supporting Argentina's government have a lead in the parliamentary election in the city of Buenos Aires and the largest regions of the country.

Many of those measures contributed to inflation and economic contraction past year, prompting Macri to tread lightly in other areas to avoid a political backlash that could have doomed his presidency. No party is expected to get an outright majority, but Mr. Macri's coalition is likely to pick up several seats in both chambers.



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