The Government placed $ 4.7 billion on Thursday in an emergency tender that aimed to absorb the “excess” of liquidity and validated rates of up to 3.3% Tem.
He Treasure on Thursday made a tender for “emergency” And he validated more rates Highwhich reached up to 3.3% themes for the Lecaps July, with the sole purpose of Absorb the weights that were available in the market after the end of the Lefis. In parallel, The average retail exchange rate played $ 1,300 this weekwhyand the government decided to intervene in the futures market for anchor expectations Facing the most complex months of the year where demand will be greater than supply.
After the Central Bank (BCRA) reactivated the Passive passes (for two consecutive days) to absorb pesos, which raised the rate of monetary policy to the 36% per year, economy placed $ 4.7 billion, of which 50% went to Lecaps with maturity in the next 30 days, for the high demand for short -term instruments. In this way, Lecaps and a Boncap with maturities between 15 and 90 days with monthly effective rates that were from 3.31% for the shortest stretch, up to 2.97% with expiration to October.
But beyond the Super rate who was willing to pay the Mecon To control the available weights, the market also monitors the performance of the dollaranother variable that is intimately related to the rate, since the greater the expansion, less coverage pressure. But the currency also has its own pressures: It is speculated with A strong offer of offer after ending The record liquidation of agriculture (about US $ 4,500 million in the first three weeks of this month) since the temporary decline of the withholdings no longer counts.
“Carry Trade”: Is it time to enter?
Before these two variables operating with Avings But with Huge volatilityit is worth asking: Is it time to do “Carry Trade”? The response of the experts They arrive with a footnote: only for risky. Matthew ReschiniHead of Research of INVIUin dialogue with Scope, This was stated: “We had recommended a bit of ‘Carry’ only for aggressive profiles and maintain the recommendation at the moment but not for moderate or conservative.”
“We believe this is going to be maintained volatile. And while The exchange rate does not have to go down, since effectively with Stay reachesI would still say that If more purchase appears it could become problematic. So to conservative to moderate profiles not yet, aggressive profiles, yes, we like the part of the beginning of 2026. Lyrics such as S29 and S5, “the expert expanded.
In turn, the analyst Daniel Osinaga It also coincided with this position: “Without a doubt everything moves through the rate in the midst of political uncertainty, until it is defined The Government will have to continue paying surcharge to absorb pesosyou have to see what happens with passive passes because if the government runs The quarry rate can fall again and push to the dollarwhich makes it a complex situation. I wouldn’t make ‘Carry Trade’ without being someone who is attentive all day. “
But there are other looks inside the market. “It happens that It could be more rateclose to $ 1,300, all together with positive signs in disinflation even after the recent rearrangement of the 10% order in the currency. Hence the dollar can be initially inclined towards a pause, and a stage of greater lateralization, waiting to evaluate how the exchange balance will follow from the mid -next week“The economist Gustavo Ber said.
Finally, the expert recalled that we will have to be attentive to ” strong decrease in export settlement, and bliss Lower currency offer It will let it be the one that has the last word, especially from the dynamics that the historic pre -election dollarization can have. “
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
