The porter bag it moves at a record level due to profit taking and sovereign bonds suffer sharp falls while greater settlements are expected in the agricultural dollar after changes in Central Bank regulations. At the same time, savers assimilate data from the US economy and cover domestic portfolios while waiting for inflation data for March.
In this context, in the fixed income segment, bonds in dollars operate with strong falls led by the Global 2046 up to 6.8%, followed by the Global 2029 (-3.4%) and the Bonar 2038 (-1.7%). Thus, the country risk rises 0.08% to 2,388 points.
The board of directors of the central bank (BCRA) will approve this “Thursday a rule that allows pre-financing (export) to be entered and not settled for 180 days“, as encouragement to the new exchange plan aimed at agro-exporters.
The government announced last week a new program to increase its foreign currency reserves that promotes soybean exports by setting a special exchange rate of 300 pesos per dollar, well above the current official price.
In this frame, CER bonds operate with slight increases awaiting inflation data from INDEC. PR13(+3%), PARP (1%) and TX26(0.6%) stand out.
“We may not have news about rates today (Thursday) because inflation data is always expected to be made official, but if retail prices continue to rise, the central bank will be cornered and will have to raise them as soon as possible“said an external private sector bank operator.
The central bank should raise the rate again after the inflation data, again under a gradual and staggered strategy in search of cushioning the impact on economic activity, given that according to private estimates it would accelerate again,” economist Gustavo responded to Reuters. Ber.
Argentine analysts agree that a very positive rate above inflation is vital to keep savers in their placements in pesos and mitigate the ongoing dollarization process, common in pre-electoral processes.
S&P Merval and ADRs
He S&P Merval Buenos Aires rose 1.6% to 271,139.23 units and set a new intraday record, surpassing its previous maximum of 267,456.87 units recorded in the previous session. The stock market accumulates an improvement of 6.94% in the last five days.
While, Argentine papers on Wall Street rose to 4.2% led by Telecom Argentina, followed by Mercado Libre (3.6%), Despegar (3.6%) and Cresud (3%). Conversely, Irsa (-1.9%), Central Puerto (-1.4%) and Banco Superville (-1.4%) gave way.
Business moved as investors weighed two reports in the United States that showed an unexpected drop in producer prices and a larger-than-expected increase in weekly jobless claims.
The managing director of the IMF, Kristalina Georgieva, recognized this Thursday before the press in Washington, within the framework of the spring meetings of the organization and the World Bank, the efforts of the Argentine economic team to meet the goals of the current common program.
“In the second half of last year, the Argentine authorities have directed efforts to develop prudent management and meet the goals (…) Argentina was affected by a severe drought that has undermined the performance of the economy and is significantly damaging to the population,” said
Source: Ambito
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