Argentine markets cautiously operated on Monday as investors looked at the second part of the year With reco to expectations around the mid -term elections that will be held in October and speculation about lower settlements of agriculture in the coming months.
Operators point out that the end of a temporary leave to withholdings to soybeans, corn, sunflower and sorghum From July it will impact the level of liquidations of the sector and therefore in the flow of foreign exchange to the country.
“The market projects greater exchange pressure in the second half of the year. Aspects such as the Aguinaldo, final of the thick harvest, return of the withholdings to previous levels, elections in October, press in this regard. In fact, the government itself intervenes in the price of the currency through the futures market, “Wise Capital estimated.
In the exchange square, the interbank weight Ars = Rasl was depreciated 0.25% to 1,192 per dollarwhile the currency in the future square 0#Ars: operated at 1,372 units for the end of the year.
“The operators are looking to anticipate the foreign exchange balance from this month since with less supply from the agricultural complex and a possible greater demand for tourism, bonus and financial commitments in dollars, waiting to recover the ‘roll-over’, which has been rearranging the wholesale dollar closer to the ~ 1,200 pesos (US $ 1),” said economist Gustavo Ber.
“In order to travel this stage, it would be important for investors to continue to see progress from the financing and accumulation strategy of reservations, In order to boost greater compression of rates that allows to capture greater external savings to finance the needs of the economy, “he said.
The Government of Libertarian Javier Milei, who assumed the presidency in December 2023 promising to end inflation and direct public accountsseeks to impose itself in the next legislative elections to have a greater presence in Congress, where it has minorities.
The stock market index of Buenos Aires S&P Merval .merv operated with an improvement of 0.72% in a selective operations contextafter losing 1.12% during the past week.
Argentina on Monday urged the London Superior Court to suspend the execution of an American judicial judgment of more than US $ 16,000 million for the expropriation of the YPF oil company YPFDM.BA, waiting for an appeal from the Argentine government in the United States.
For its part, sovereign bonds in the Extrabursatile square They operated with a slight bullish bias, after improving 1.1% average for last week.
A report by Banco JP Morgan said that “with the seasonally positive situation to end (for the decline in the withholdings in force until June) and the elections on the horizon, We prefer to take profits and wait better input levels to position ourselves in the local bond market in pesos“
A technical mission of the International Monetary Fund (IMF) on Friday a first review of the Credit Agreement granted to the country for US $ 20,000 million ended.
