Overview

• Traders reported a renewed Treasury "wall" at ARS 1,425 in the wholesale market, with unofficial estimates ranging from roughly US$200 million sold over recent days to as much as US$300 million offered on Thursday.
• The official dollar closed stable at ARS 1,450 at Banco Nación and ARS 1,424.50 wholesale, keeping the level below the daily band ceiling near ARS 1,481.7.
• Financial and parallel rates eased, with CCL around ARS 1,548, MEP near ARS 1,500, and the blue down ARS 10 to ARS 1,450, narrowing the spread to single digits.
• U.S. Treasury Secretary Scott Bessent said support would be a currency swap rather than a cash disbursement, and Economy Minister Luis Caputo plans talks in Washington as markets await details.
• Central bank reserves stood near US$42.23 billion, sovereign risk hovered around 1,260 bps, and dollar bonds and local equities rebounded late as intervention and U.S. engagement tempered selling.