In an atypical trend due to the holidays in the United States which left the local market without a price reference on Wall Streetalternative dollars rebounded slightly after the marked decline recorded in recent weeks.
With this dynamic the blue dollar increased by 15 pesos, at $1,110while financial dollars rose 2.5% in the case of cash with liquidity, at the end $1,140, while the MEP advanced by 3.2%, $1,098.
The holiday for Presidents’ Day It left North American stock markets without trades, so there were no changes in ADRs or prices of dollar bonds listed in New York. In the Buenos Aires stock market, The Merval moved just 0.5%.
The Central Bank continued its purchases and, in a cycle of 252 million dollars operated in the wholesale sector, used 93 million dollars. In February it has already pocketed 1,519 million dollars 7,654 million dollars since December.
The purchases made by the Central Bank reinforce the market perception that the government is experiencing a financial summer. “Remove the legislative obstacle, “All the signs over the last couple of weeks have been pretty constructive with Creole credit,” underlined by the PPI.
This list of positive signals consists of lower-than-expected inflation in January (and encouraging high-frequency data for February), January’s fiscal surplus, the accumulation of BCRA dollars, and recent rains that have improved fiscal conditions. soil water in the core zone at a critical time for corn and soybeans.
This led to a strong rally in bonds, with jumps up to 25% so far in 2024.
Is this rally sustainable? “A priori, given the ferocity of the climbs, it is very likely that we will see some calm this week, at least in terms of magnitude,” the PPI says.
They mention it”the first fiscal signals (even with objections due to the short term of various aspects of the figure) allow us to remain optimistic in the medium/long term”.
“Perhaps Social humor is the main risk in carrying out these months of dirty work“they warn.
As for financial dollars, they point out that “one of the most important points of the week will be the behavior of cash with settlement, which accumulated a decline of 8.7% in February. “Especially considering that, although inflation shows a downward trend, remains at very high levels, comfortably above double digits.” Indeed, the CCL exchange rate in constant terms is at one of its lowest levels in recent years.
As for the Merval, “The fiscal outcome is expected to act as a positive driver, in the sense that the Government is achieving the objectives it had set itself, despite the political setback suffered a few days ago with the return to commission of the Basic Law. However, The sustainability of this result achieved in the first month of the year will remain to be seen in the coming months“.
Source: Clarin
