The market expects the Rubinstein measures to decompress the spot with liqui and narrow the gap

Minister Sergio Massa took note of the signal of impatience that the market has given him in the last two rounds. Faced with a new increase in liquidity with liquidation, which ended on Friday rising above $ 300, Massa advanced and late Sunday confirmed that Gabriel Rubinstein, a critical economist, as his deputy. In City they believe that this signal can help to decompress a bit the tension on the foreign exchange, but that the market will soon require concrete measures.

Three weeks after the minister took office, investors began to feel impatient. Although they saw it as a good sign that the Central Bank has stopped systematically losing international reserves. the little ability of the organism to buy back dollars and the the weakness of their crates showed a yellow signal.

In the last two rounds, financial dollars have started to rise again and pressure has been felt on liquidity with liquidation, which again exceeded $ 300. For the FMyA economist, Fernando Marull, this dynamic corresponds to a “tougher global context “ that hit Argentina.

“The international improvement in recent weeks has helped to calm the dollar, along with the expectation of Plan Massa. If the global environment worsens and there is no good news in Plan Massa, calm will disappear“, he said, while acknowledging that Rubinstein’s confirmation on the Palacio de Hacienda’s central button panel is a positive signal for the market.

“He is a person who knows the Argentine emergencies. It is also a good sign that Massa is choosing his vice. It could help to lower the financial dollar and thus the gap, but obviously new measures need to be known and, above all, how the Central Bank will improve its reserves, “he said.

It is precisely the reserves that are at the center of the concerns shared between analysts of the Municipality, big players and the Government. While the organization has managed to chain six consecutive rounds without having to sell dollars, it still is maintains a $ 700 million red so far in August.

Along the same lines, Pablo Repetto, from Aurum Valores, underlined: «Much of the news had already been incorporated into the market. they need concrete facts It seems to me that there is more permanent decompression. ”A similar diagnosis was made by Martín Polo, of Cohen, who stated:“The foreign exchange market has problems beyond who is a deputy minister.”

Although Rubinstein is appreciated within the market, the expectation rests on concrete measures, beyond the figures. “The market wants to see what Massa wants to do and, internally, what it actually manages to implement. In the area of ​​exchange rates, the dynamics of the coming months will be tense and if concrete measures do not arrive, It doesn’t matter if there are Gabriel Rubinstein or Domingo Cavallo “, Pole stated.

For Santiago López Alfaro, of Patente Valores, not only the measures will be fundamental, but also the global context. “If world stock markets continue to decline and the region’s currencies continue to depreciate, liquidity will continue to rise. I don’t see that will change.” he stated.

“Furthermore, this context delays the official exchange rate even further. Not only locally relative to inflation, but also internationally, where all currencies in the region, including the euro, depreciate against the dollar”, added López Alfaro.