After a start of the week with many turbulence in the markets, the dollar and the Argentine assets closed more calmly after the approval of the DNU in deputies.
The market gave first samples of a positive reaction this Wednesday after the approval, on the closing time of the operations, of the Decree of necessity and urgency (DNU) that enables the agreement with the International Monetary Fund (IMF). For this Thursday, analysts expect the positive climate to extend.
At about 4:45 p.m. the Chamber of Deputies approved the DNU in question, with 129 votes in favor, 108 against and 6 abstentions. “The market reacted positively, with a slight reduction of exchange pressures, favored by what we estimate was an intervention of the central bank in the middle of the day, “they explained from ADCAP.
It is worth remembering that In the last four days the Central Bank (BCRA) sold $ S931 millionthe highest level since October 2019. In addition, rumors on a possible exchange adjustment due to IMF demands generated a Pressure on future dollar contractsthat on Tuesday they rose above 3% in all their deadlines.
First reading of the City analysts
Juan José VásquezChief of Research of Cohen, agreed in dialogue with this medium that the market took with optimism the news in Congress and that Bonds in dollars accelerated the increases after approval. In exchange matters, he stressed that “the key was today that offer offers in futures to reassure the curve in pesos and the different exchange rates.”
For its part, Pablo LazzatiCEO of Insider Finance said that “this DNU approval event on the agreement with the IMF had not been discounted by the market, since yesterday the ADRs had shown falls of up to 8%.” “Therefore, It is excellent news for Argentine actions and bonds“He said.
In the face of what can happen this Thursday, the analyst predicted that Surely the advance in the agreement with the IMF “will be reflected in positive yields of the Merval from early”. In addition, he added that the international market continues to send good signals, such as the Fed that today maintained the rate, which is favorable for the assets of emerging countries.
The economist Federico Glustein He also perceives that it will be “a positive day with a potential for low parallel dollars.” However, he clarified that “This calm can last a few days if they do not formalize the details of the agreement and the amounts to enter fresh. “
This Wednesday the day in the markets passed with volatility, but with greater calm compared to the previous day. The Blue dollar fell to $ 1,280 and the financial ones also erased part of the strong previous jumps to end between $ 1,285 and $ 1,290. Meanwhile, the ADRs bounced up to 9% and S&P Merval won 6%.
Source: Ambito
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