EFTA Document EFTA01386035

16 October 2017 Special Report: Argentina - Position tor the upturn the Egyptian pound, for instance - the peso is already overvalued according to our estimation (chart below). Therefore, while in Egypt monetary authorities can afford to keep the pound stable for months, Argentina's central bank needs to strike a balance between anchoring inflation expectations and preventing excessive overvaluation. The ARS moves ahead of fundamentals 21X, 1RC trc 110 120 100 ARS REEK Ovedlin