A news combination that lifts the mood and forces financiers to set nominal records.

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Negative peso interest rates, doubts about Basic Law sanctions and uncertainty about a possible hit to Central Bank Reserves (BCRA) if the government does not renegotiate terms change currencies with China. This combination of news impacts this week’s free dollars, which rise to $30 per day and set par records.

He MEP dollar The GD30, the instrument Argentines discovered to dollarize during times of currency restrictions, traded at $1,284.62. This represents an increase of almost $14.7 (+1.2%), marking a record highest nominal price ever. Over the first two days of the week, it accumulates gains of $68.7 (+5.65%), exceeding the 30-day fixed rate (2.5%) in local currency terms.

The same trend can be observed in cash payment (CCL), a capital market instrument that allows you to transfer dollars to a bank account outside Argentina. Today it rises by $18.4 and is selling at $1315.85 (+1.4%).

Moreover, this is also a nominal record, since free quotes remained virtually unchanged between February and mid-May. Having adjusted the current values ​​for inflation in the USA and Argentina, Today, CCL exceeded its 10-year average price of $1,308 at constant prices.According to Personal Investment Portfolio (PPI) analysis.

“I think mostly there is a temporary change in expectations, which reflect concerns raised by the lack of definition of sanction in the Basic Law and the likely difficulties of the ruling party in achieving success in the Senate. Assuming this transition is positive, the process will remain with MPs. The market is wary of the delay in sanctions and this is leading, at least for now, to a shift in portfolios leading to dollarization of assets. All this weather can also affect the mood of producers, who may begin to delay sales. Agricultural income in May was the highest this year, but it is slightly lower than in other years,” said Gustavo Quintana, PR operator for Cambios.

Eliminating exporters is key to the future of financial dollars. Currently, those who sell outside the country can channel 20% of their income through financial dollars, which increases the supply of foreign currency and causes its price to fall. They will have to sell the remaining 80% at the official rate, which today unusually falls by $1 and is trading at $897 (-0.1%).

“The dynamics of financial quotes largely depend on flows, and our assessment of aggregate export settlements for yesterday showed low levels. We are mindful that even as agricultural settlements improved in May, overall settlements fell, meaning the supply of CCL per blended dollar was lower, which could put pressure on the price, which exceeded inflation in May. Going forward, the fundamental variable to watch is these flows, which will determine how much CCL supply there will be per “mix dollar” in a context where rates have been cut multiple times.which reduces the attractiveness of the carry trade,” said Juan Manuel Franco, chief economist at Grupo SBS.

Meanwhile, according to Delphos Investment analysts, the likelihood that The government must pay for the activated section change with China worth about US$5 billion between June and July.. “If it is confirmed that there is no renegotiation, this will also raise concerns about the impact on reserves. But this is still a rumor that has not been confirmed,” Quintana added.

In this tense scenario Dollar blue imitates financiers and sells for $1265 among caves and trees City Buenos Aires This is 30 dollars more than yesterday (+2.43%), and this week has accumulated 40 dollars (+2.32%).

This is a red wheel of numbers for Argentine stocks listed on the New York Stock Exchange (ADR), and this trend was also observed on the previous day. This Tuesday BBVA securities fall in price to 7.2%, followed by those of Supervielle Bank (-6.8%), YAPF (-6.8%) and Financial Group Galicia (-5.9%).

The Buenos Aires stock market registered a decline of 3.3% compared to the previous close, at the level of the main US indices. In the main group consisting of companies with the largest volume of transactions, the most noticeable declines were observed in YPF (-5.22%), BBVA (-5.10%) and Banco Supervielle (-4.66%).

bonuses The latest debt swaps are also operating in negative territory across all maturities and legislation. Overseas, Bonares fell 4.08% (this is the case of AL41D), and Global dropped to 3.23% (GD38D). This directly affects country at risk and rises by 60 units to 1,474 basis points (+4.24%).

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