BUENOS AIRES – Markets in Argentina rallied, the peso surged and the country's sovereign bonds jumped on Monday as libertarian President Javier Milei hailed his party's resounding victory in midterm congressional elections as a mandate to press forward with radical free-market reforms.

The chronically depreciating Argentine peso — which international investors and Argentine depositors were dumping in droves just last week to hedge against a Milei defeat — soared more than 10% to trade at over 1,300 per dollar on Monday.

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The price movements — signaling that investors were recovering confidence in Argentina — validated the Trump administration’s bet on its close ideological ally in South America.

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