The dollar was stung, restless markets, and the two key data that investors expect

The dollar was stung, restless markets, and the two key data that investors expect

This is worse than playing blind man’s cock. Where will the lion leap? Waiting for the IPC and Bopreal that does not react. Punta at full speed with a Swiss accent. The gap increases, and “Toto”?

This is worse than playing blind man’s cock. Where will the lion leap? Waiting for the IPC and Bopreal that does not react. Punta at full speed with a Swiss accent. The gap increases, and “Toto”?

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Everything is still very confusing. Some in the market tried to appear “believing”, as if convinced of what was coming, but in reality they ended up acting as if they didn’t even know where they lived. It’s a troubled river, you know; But as in any zero-sum game, some win and others lose. Hundreds of man hours of distinguished professionals in economics, law and other herbs for elucidate what is left standing if the DNU and the omnibus law were “approved.” And as proof of the general confusion is the Bopreal record track that does not achieve great enthusiasm or adhesion.

Reports are pouring in from managers and consultants about the bonus for importers and which one to buy. However, from what is heard among importers, that They continue to complain about the inactivity of the new system for purchases abroadit would be better “put the own” going to the CCL and that’s it, instead of going to the bond, because they don’t see much useful life in it. There is no doubt that some members of the Government are prestigious and recognized in their work, but public management is something else and it is being seen, even before taking office, not only by misguided statements or announcements but also by dealings with the media and certain attitudes of “field patterns”.

That many, especially the President, were newbies On the subject of public management, it is not surprising, but it is disturbing who advises or makes certain decisions because they seem elephants in a bazaar without the slightest negotiating doll. This leads traders and investors to wonder if everything seen so far, which was seen as music to the market’s ears, It is part of a Machiavellian strategy of kicking the board and in the face of failure showing the true essence, or rather it involves a lot of improvisation and clumsiness. We’ll see.

Congress is where you have to look. Not measures of strength CGT, who doesn’t know how disguise a strike to less than a month of a new Government. By the way, models of disaffiliation from unions began to circulate with intensity as a result of the DNU, Even from the boards they send, via human resources, the notice to the employees that they will suspend the retention of the union dues and solidarity contribution. Those who want to continue with the contribution must express it in writing. It seems that one of the sheep’s mothers is here.

Meanwhile, waiting for December inflation data, which will be released next week, the market remains attentive two issues in the short term. On the one hand, the future of the inflation and exchange rate dynamicsand on the other hand, what will be the impact of the issuance of Bopreal in the sovereign debt yield curves. According to market simulations, the shortest part of the curve looks half expensive. In the event that the Government’s strategy continues to be to liquefy the tidal wave of pesos, then the risk of encountering positive real rates that affect longer positions is limited. As for the Bopreal, It is speculated that the demand will be given by the supply of other bonds that importers used to cover themselves. So if the Bopreal is successful, there would be more pressure saleswoman about duals and dollar linked and better chances for dollar bonds.

As every year at this point, the meetings in Punta del Este between market men, investors, bankers, financiers and regular consultants are already in full swing. Various festivals, especially traditional ones such as that of a traditional champagnebut La Huella continues to be the epicenter, as long as it lasts since from this section it was warned years ago that the emblematic José Ignacio parador has its days numbered there.

In a large table mixed by managers and bankers from the River Plate and European colleagues, the decision of the Swiss group was highly commented. Mirabaud to strengthen its position in the region in the wealth management business. The person responsible will be Thiago Frazao. From what European colleagues commented after the dessert, the Group will maintain the strategy of growth in Uruguay and Brazil. The Swiss group has already been expanding its presence in the region for five years from the Uruguayan office of the Montevideo WTC commanded by Fabio Kreplakwhich today manages a portfolio of more than 1 billion dollars.

The ticket was chopped, seems. Various arguments. The truth is that the loose weights continue, nothing has changed. High obstacles are seen. And months of low export clearance. And the IMF? For now, little or nothing. We will see how now unwraps the “Toto”.

Source: Ambito

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