In turn, the MEP dollar rebounded $2.37 (+0.5%) to $294.65. Consequently, the spread with the official reached 89.3%.
For its part, the parallel dollar fell $1 (-0.3%) to $291, according to the Ámbito survey on the Foreign Exchange Black Market. Thus, the exchange gap with the official wholesale dollar stands at 86.9%.
“With the nominality of interest rates and inflation, it does not sound logical that the financial dollar is maintained. In fact, history has shown us that the movement of these dollars is usually more abrupt and it is something that can happen”estimated Matías Roig, from Portfolio Personal Inversiones (PPI).
The The Ministry of Economy will put out to tender this Thursday Treasury Bills and Bonds seeking to capture some 115,000 million pesos to renew commitments at the end of October. “We believe that the menu of instruments (offered in the auction) is not very attractive, something that is consistent with the fact that the maturity is not very challenging, although we estimate that it would be almost entirely in private hands”, said the SBS Group.
“We believe that the focus will be on the validated rates, especially in the ‘S28F3’ (Treasury Bill due 2023), considering that in the last tender the Treasury validated for this paper effective rates higher than those of Leliq (75%)” .
“The complex scenario that the Treasury will go through in 2024, added to a ‘cheap’ financial dollar, make bonds in longer pesos and carry-trade operations less attractive,” said the consulting firm Delphos Investment.
In this context, the Argentine country risk measured by the JP. Morgan bank fell two basic points to 2,562 units, compared to its historical maximum level of 2,976 units recorded last July.
Source: Ambito
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