Stock exchange rates have been showing a decline this week, after last week’s strong advance. The gap between the CCL dollar and the official dollar is around 36%.
Financial dollars chain their second consecutive fall this Tuesday, May 29, while the market awaits the results of the Treasury’s debt tender in pesos and progress in the treatment of the Bases Law in the Senate. The MEP pierces $1,200 after five wheels above that value.
The so-called “stock market” dollar falls $6.71 (-0.6%) to reach the $1,194.19while the CCL dollar fell $14.83 (-1.2%) to $1,218.92. In this way, the gap with the official drops to 36.3%.
The prices have been showing a decline after showing a strong advance of more than $130 last week, driven by the end of the carry trade, political uncertainty and a harvest liquidation that was smaller than expected for this time.
“Political noises, more than economic ones, are what weigh the most in the market today. All expectations are placed in the Base Lawand not so much in the fine print, which is already somewhat anecdotal, but in what it represents if an agreement is reached: the political capacity and pragmatism of the government,” said Augusto Posleman of Portfolio Personal Inversiones.
President Javier Milei seeks the support of Congress to be able to implement his government plan, in the midst of the cabinet changes After the appointment of the former Minister of the Interior, Guillermo Francos, as Chief of Staff and the announcement that the economist Federico Sturzenegger will occupy a new ministry linked to economic deregulation, they encourage market speculation.
For its part, the Treasury will tender this afternoon three Lecaps bills for a nominal maximum of $3.5 trillion, in which it seeks to channel banking liquidity today in passive repos from the Central Bank (BCRA).
“The novelty on this occasion is that there is a maximum price of $101,381 pesos for the (letter) ‘S14L4’, which implies a minimum TEM (monthly effective rate) of 4.2%, above what was operated yesterday in the market secondary,” said the SBS Group.
Source: Ambito
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