Minutes before the financial day closes, the blue continues to give way. In total, it fell $8 in one day, positioning itself at $252 at the selling point.
After starting the day $7 upfollowing noon the parallel exchange rate fell $10 and stood at $257. It is $3 lower than the previous close, although still $18 higher than last Friday.
The country risk continues to advance and adds 90 more units compared to its opening. After the first half session of the day, the index prepared by JP Morgan is positioned in the 2,596 basis points, 222 units higher than Friday’s settlement (+9.4%).
“No holiday in the United States, we are seeing not only a validation of yesterday’s local price trend, but a deepening. It is true that it is a bad wheel in general due to fears of a global recession, but the dynamics of Argentina stood out with a 14% drop in the Globals. My perception is that the market does not see in Batakis an official capable of giving a change of direction to change the economic course or implement a stabilization plan”, said Nery Persichini, of GMA Capital.
For the economist, although the new official presents a line of continuity with Martín Guzmán -without extreme positions-, the fact that she has the approval of the Instituto Patria “sabotages any declaration market friendly”. In short, the current market is no longer reassured by words. “Facts and results are expected. The first test that the minister must face is to keep the agreement with the IMF afloat”, he added.
After having started the day with new rises, the financial exchange rates fell. “With the US market open, financiers are tightening. Yesterday it seems that they went overboard and generated a overshooting. Anyway, this is longconsidered a market analyst.
The MEP dollar, instrument that allows dollarization legally and without exchange restrictions through the purchase and sale of bonds, appears on screens at $257.45 (with AL30). They are down $13 from yesterday’s close (-4.8%).
The dollar counted with liquidation (CCL), that arises from buying local assets and reselling them abroad, a maneuver that allows the dollars to be liquidated outside of Argentina, reaches $262.91 with AL30 titles. This is a daily drop of $18 (-6.5%).
The poor performance that the bonds of the last debt swap are registering, today is reflected in the Argentine risk. The index prepared by the JP Morgan hits a jump of 132 units and is positioned at 2506 basic points (+5.6%).
With this move, it was only two points away from the 2508, value that it registered a week ago. That is the highest figure since the Government exchanged the debt with private companies in September 2020.
In front of pre-market, los bonds sovereigns cut part of the rise. Abroad they sink to 2.8% (Global 2030), while at the local level, titles in pesos register negative variations reaching up to 5% (GD30).
Argentine shares listed on the New York Stock Exchange (ADR), which did not trade yesterday, deepen the red. The largest decreases were recorded by the papers of Banco Francés (-9.6%), Grupo Financiero Galicia (-8.4%), YPF (-8.1%), Cresud (-7.8%), Banco Macro (-7.7%), among others.
The same does not happen with the Buenos Aires bag, as the S&P Merval rebounds 4.2% and recovers part of the fall recorded the previous day. In the panel, Banco Francés (+7.6%), Banco Supervielle (+6.4%), Loma Negra (+5%), Cablevisión Holding (+4.4%), among others, stand out.
The little trees on Corrientes Street start the day by selling the exchange rate parallel to $267, an increase of $7 from the previous close (+2.7%). In the first two days of the week, the US bill that is sold in the informal market accumulates an increase of $28.
Yesterday, following the strong jump made by the free dollar, Batakis made some definitions in this regard. “The blue market, the blue exchange rate, is very marginal, but unfortunately it is in the collective consciousness of all of us. In some moments it is installed by the media. One begins to incorporate these variables and it is a very marginal market in Argentina”, he said.
The financial exchange rates register the first rises of the day. The MEP dollar appears on screens at $273.28 (with AL30), almost $3 higher vs. yesterday’s close (+1%). The dollar counted with liquidation (CCL) reaches $283.85, a daily increase of $2.50 (+0.9%). If they closed at these values, they would record a new all-time high.
“It will be a very important week for the local financial and exchange markets and for the economy in general. The key will lie in the signals issued through her first measures by the new Minister of the Economy, who must make very clear the course to follow in the coming months if a period of greater tension and damage to the national economy is to be avoided. The second semester, which was already very challenging, now starts in an unexpected waywhere the new management will have an enormous responsibility to avoid a crisis mayor”, affirmed Emilse Córdoba, director of Bell Inversiones.
The price of exchange rate “crypto” (USDT), which is traded around the clock on the exchange of Binance cryptocurrencies, it is offered at an average of $256. They are $14 less (-5.4%) than yesterday at this same time, before the blue dollar opened.
The new minister arrived at 9:30 on the fifth floor of the Ministry of Economy, where there are few people present. Some of Martín Guzmán’s former secretaries arrived to remove her last belongings. The expectation is set on which team will accompany Batakis.
In the morning, the new Minister of Economy, Silvina Batakis, gave a radio interview and assured that the value of the official dollar is “competitive”. Today, between the wholesale exchange rate and the spot exchange rate with settlementthere is a gap greater than 120%.
“When one looks at the multilateral exchange rate, what we find is that Argentina is at the levels where it has to be.. We cannot lose competitiveness, this is true. We need our exporters to export more and not speculate on what will happen next month. But the reality today is that the multilateral exchange rate in Argentina it is at levels that have also been competitive levels at other times in history,” he said.
After the holiday in the United States for Independence Day, an event that paralyzed part of the Argentine market, today the bonds of the last debt swap register sharp declines. In the pre-market, Global 2046 sank 9.24%, followed by Global 2030 (-9.22%) and Global 2029 (-8.75%).
Argentine shares listed on the New York Stock Exchange (ADRs) also present the first reactions, due to the uncertainty surrounding the economic program that the Government will carry out. During the pre-opening of the market, YPF shares fell 3.92%; Galicia, 2.65%; and Mercado Libre, 2.26%.
The strong uncertainty experienced over the weekend, with the departure of Martín Guzmán from the Ministry of Economy and his replacement by Silvina Batakis, was reflected yesterday in the foreign exchange market: free dollars soared more than $20, to set new historical nominal records, and bonds and the Buenos Aires stock market fell.
In any case, the acid test will be today, since this Monday the market operated “half” for the American holiday. During this day, this uncertainty might be amplified with an impact on bonds, on Argentine stocks on Wall Street and on country risk.
