Overview
- After surging about 2.4% on Tuesday to roughly 1,470 pesos — within about 1.6% of the intervention ceiling — the wholesale rate edged lower Wednesday morning to near 1,453, according to market quotes.
- Multiple dollar gauges converged near the band on Tuesday: retail quotes hovered around 1,495–1,500 pesos, blue traded near 1,450–1,470, MEP around 1,475, and CCL close to 1,486.
- Market participants cited thin private dollar supply after the temporary cut of export retentions to 0% and the unwinding of the Lelink D31O5 as key drivers of the rebound in official prices.
- Analysts warned the current band settings complicate reserve accumulation and floated options such as modest reserve purchases or recalibrating the band, with attention on a Treasury auction and elevated short-term peso rates.
- Despite currency volatility, Argentine assets extended poselectoral gains, with the S&P Merval up about 5.6% and sovereign bonds advancing up to roughly 1.8% as global equities traded near record highs.