During the week, the CCL registered a fall of 11.7%, but during July it registered an advance of 14.1%
For its part, the MEP dollar -also valued with Global 2030 – Collapsed $15.79 (-5.3%) to $282.37, so the gap against the official exchange rate fell to 115.2%.
In the last five days, the MEP showed a drop of 10.5%, but during July it showed a rise of 13.1%
In the informal exchange market, the blue dollar fell $18 to $296, after selling a week ago at $350, its all-time nominal record. During the week, the parallel registered a fall of 12.4%, but during July it registered a rise of 24.4%
The officialization of Massa to the National Cabinet in a position of “super minister”creates expectations of upcoming economic announcements that clarify the direction of the economy. “The market moves by expectations” said a trader.
The country risk measured by the JP. Morgan bank fell 7.5% to 2,395 units returning to levels of four weeks ago and against a recent intraday maximum historical level of 2,976 units.
“The markets have symbolically anointed Massa with a vote of confidence upon receiving him, but they will be incredulous if the respective measures for the short/medium term are not announced in the coming days”commented from Portfolio Personal Investments (PPI).
It is expected that next week economic announcements are made that seek to reassure the financial market At a time when annual inflation threatens to exceed 90%, the Central Bank has few reserves and exchange rate pressures are putting pressure on the market. “On Wednesday we are going to announce a set of measures,” Massa told reporters.
“It is unlikely that we will see a sustained rebound in bonds and a significant narrowing of the gap without concrete fiscal measures to correct the structural problems,” noted PPI and added that “It is imperative that this economic plan be announced as soon as possible to reaffirm that the change of command implies a change of course.”
“We do not expect major changes in economic policy: it will point to greater exchange control, differentiated exchange rates. The seasonality of public and external accounts gives them a respite until September,” clearing and settlement agent Cohen said.
Another of the factors that conditioned the fall of the financial exchange rates was the BCRA’s decision to sharply raise its benchmark interest rate on Thursday, by 800 basis points, to 60% per year, to match market returns and in an attempt to slow inflation and stabilize the exchange rate.
Source: Ambito
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