This questions is based on the article, "How far will Latin American currencies plummet?," published by the Latin American Business Stories website on May 21, 2020.

(a)The article points out that Latin American currencies had started depreciating against the US dollar in the past couple of years, before the COVID-19 outbreak. According to the article, what were the causes of that trend?[8]

(b)According to the article, how did the COVID-19 outbreak affect the trend in the values of Latin American currencies against the US dollar? How did the macroeconomic policies pursued by LA countries in response to the pandemic affect the trend in LA currencies? [12]