The official dollar was overheated: it touched the highest level from the flexibility of the stocks and in some banks it reached $ 1,250

The wholesale dollar scored its second consecutive rise at the beginning of the second semester and consolidated above the center of the flotation band. Thus, in some private banks, the ticket price touched the $ 1,250. It happens after the recommendation of the JP Morgan to abandon the strategies of “Carry Trade” and an unfavorable failure for Argentina for the expropriation of YPF.

The wholesale exchange ratewhich is the market reference, advanced $ 17 (+1.4%) and closed at $ 1,222 This Tuesday, July 1, thus breaking a new nominal record. In addition, it exceeded for the first time the midpoint of the center of the flotation band, after accumulating in June a tin of $ 17 or 1.4%.

“The unfavorable ruling for Argentina for the expropriation of YPF hit and circumstantially changed the trend of the marketwe will see how follows the next few days, “he analyzed Gustavo Quinana of PR CHANGE OPERATORS.

In addition to YPF failureeconomist Gustavo Ber said that the “Greater demand for bonus, financial commitments and eventually some tactical closures of bets towards the ‘Carry'”.

The futures accompanied the trend of the officer and protects rises in all their contracts. For December the market already “price” a value above $ 1,400 in the wholesaler ($ 1,402).

In the same tune, the dollar Retail advanced $ 19.31 to $ 1,237.18 for sale In the average of the financial institutions published by the Central Bank (BCRA). Although, in some private entities it exceeded $ 1,250 as Macro Bank ($ 1,265), Piano ($ 1,255) e Mortgage ($ 1,250). Meanwhile, in the National Bank The ticket rose $ 20 to $ 1,185 for purchase and $ 1,235 for sale.

For its part, the dollar CCL went up $ 22.83 (+1.9%) to $ 1,233.08, while the MEP He advanced $ 20.47 (+1.7%) to $ 1,231.57. The blue dollarmeanwhile, went up $ 10 to the $ 1,225 And it played a maximum since April, according to a survey of Scope in the City caves. In this way, the parallel gaps with the officer were between the 0.3% and the 0.9%.

In this wheel, the BCRA international gross reserves They closed in U $ S41,683 million And they touched a new maximum from February 2023up some US $ 1,732 million above Monday’s closure.

The American justice failed against Argentina

The American judge Loretta Presska ordered Monday that the Argentine State must transfer 51% of its actions in YPF to the beneficiary vulture funds of the country’s ruling for nationalization of the oil company, carried out in 2012 by the then Minister of Economy, Axel Kiciloff.

This decision is part of the case promoted by the Burford Capital Fund, under the claim that, according to article 7 of the YPF Statute, if someone bought more than 15% of the company should offer the same to all shareholders and not just Repsol. In 2023 Period made a sentence in favor of the private ones, urging a compensation of more than US $ 16,000 million.

It is worth noting that YPF itself is not part of the trial but is a dispute loot, given the maturation of Vaca Muerta, which allowed Argentina to reverse its energy balance in 2024.

Recommendation of JP Morgan, withholdings and review with the IMF

On the eve of this start to the local markets, the JP Morgan spread a report in which he recommends investors significantly reduce their exposure to bonds in pesos and go to dollarsin the face of the electoral context, the deficit of external accounts and the end of the thick harvest.

Last week the government formalized the extension of retention of retentions for barley and wheatbut soybeans and corn will pay the full export rights again from this week. The soy will be taxed by current 26% to 33% from July 1, corn and sorghum, among other products, from 9.5% to 12%, and sunflower will go from 5.5% to 7%.

On the other hand, in the market the expectation for the approval, or not, of the first review of the IMF on the new agreement for the debt. “I think they will forgive the breach of the reservation goal even if they ask for more later“Claudio Loser, former director of the IMF for the western hemisphere, told Reuters.