Local investors beware of the Pesce and Guzmán doll to calm the waters
The Argentine peso debt crisis of the past few days is happening at a bad time for global markets. This Monday, amid the crashes of the main Wall Street indices, dollar bonds recorded new falls and country risk jumped before noon to almost 2,100 points.
This pressure is felt in the foreign exchange market, where liquidated cash, the dollar used by companies jumped to 235 dollars, an increase of 3.4% since closing on Friday when it had gone up by over $ 17.
The financial exchange rate woke up after weeks of stagnation from the massive exits that mutual funds made between Wednesday and Friday of their positions in bonds linked to the trend of inflation. A) Yes, so far in June it accumulates an increase of 11.8%above the monthly inflation levels recorded in recent months.
In the game of City in the CCL he still has a lot to gain. “In the worst moment of 2020, liquidity with liquidity has come to quote, at today’s values, close to 300 dollars and exchange rates have decoupled a lot from the evolution of the Central Bank’s remunerated liabilities”, they indicated in the 1816 advisory.
“Everything will depend on whether the weight market is able to recover some stability. If it is not successful, we will continue to be guided by monetary fundamentals, “they advanced in PPI.” Clearly what happens with the free dollars will be a direct consequence of the future of Treasury debt, “they added.
Ahead of Tuesday’s auction, the Central Bank continues with purchases of index-linked bonds to end the decline in prices. After noon, the results of this strategy remained mixed: CERs maturing in 2024 just traded in positive, while the rest showed declines.