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Financial week: peso opposed to the emerging devaluation, but the country's risk index rises again



With the echo of a new episode ofcommercial war " between the US and China, still present on the stock markets, Argentine assets show healthy behavior in the last week, if we take into account that in the world red numbers and aggregate losses.

Probably dollar and US treasury bonds were the poses tight, given its nature as a refuge before geopolitically unfavorable circumstances. On average, Wall Street shares declined by 0.7% during the week.

on the new currencies have sufferedIn Brazil, the dollar climbed 3.8% during the week, from 3.95 on 4.10 reais, near the record last September. In China it advanced by 1.3%, from 6.82 to 6.91 yuan. As for the Turkish lira, it grew by 0.8%.

Within this framework The increase of 20 cents or 0.4% of the dollar in Argentina it can be weighted as Good luck from the point of view of the Central Bank. The currency closed on $ 45 in the wholesale market and $ 46.10 for the public average for banks.

The Central Bank did not have to make sales Cash. The dollars provided by the Treasury – amounting to $ 60 million a day – and. liquidation of exporters they supplied the demand. BACR 's interventions on the futures and futures markets higher interest rates of the liquidity letters (Leliq) were added to stabilize the stock market.

"In terms of interest rates: Leliq continues to fall from the dripping water the average rate can not break the 71% annual floorIn addition, BCRA remains committed to the monetary base in May, which adds pressure to the allegedly declining path of the reference rate, "a Central Bank report said. CERA (Center for the Political Economy of Argentina).

after 11 consecutive wheels at a low rate of monetary policy ended the week 71,476% per year,

With regard to the actions, they pulled 0.4% in pessos during the week, while the leading panel S & P Merval The ByMA (exchanges and markets of Argentina) ended near 33,300 points,

In dollars, the average stock decline in Argentina 0.9% from the previous Friday, dynamically, which is reflected in the ADR quote of Argentine companies in New York.

– We had fell for others, The stock market, the devaluation, much more. And on funny prices, measured in dollars, very close to the level of alignment with historical bottoms, begins to react, to turn around, "is described Jorge Fedio, technical analyst at Clave Bursátil.

It was more visible deterioration of government bonds: some US dollar emissions still reach nearly 18% per year. It is true that they have accompanied the downward path of the emerging debt, but it is clear these assets will be the last to restore prices, when several stocks left the minimum values ​​observed at the end of April.

The Economist Gustavo Ber considers that the weakness of Argentine fixed income is subject tomixed reading who left the exchange of half the double bonus for Lelink although with public participation, as most of them private investors decided to keep their property ",

US treasury bonds rose against strong demand for cover, with its profitability dropping from 2,455% on Friday from 10 to 10 2.394% per year, This movement also broadened the gap with emerging titles and helped to explain An increase of 5.3% in Argentina's national risk to 946 points The main one.

The ton of soy in Chicago 300 USD is being pierced ton; and in Playa de Rosario, measured in pesos, it was similar with the addition of a deduction of around 28% for deductions.

This a reduction of nearly 10% in 2019 in the value of the harvest Argentina influences the country's trade and fiscal revenues. With almost 57 million tonnes collected, they are valued lost between 2400 and 3000 million dollars for the group of producers when they are exposed to a reduction in the market price of their output, he said. Invecq economic consultant,


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