EFTA Document EFTA01386034

16 October 2017 Special Report: Argentina - Position for the upturn Argentina: Position for the upturn Introduction Upside surprises - lackluster market response. Argentina's FX and fixed income markets have had a muted response to the recent upside surprises in both domestic activity and better-than-expected primary results / electoral polls since the PASO. Rather than a sign of market skepticism we find this consistent with the new stage of the cycle the economy finds itself in,