Overview
- The wholesale dollar pulled back to roughly ARS 1,450–1,455 from Tuesday’s ARS 1,470 close, moving away from the BCRA’s ARS 1,495 band ceiling as blue and financial rates also edged lower.
- Tuesday’s jump was driven by the unwind and settlement of the dólar‑linked D31O5 trade, which lifted demand for official dollars; operators expect that pressure to ebb as positions are closed.
- The Treasury’s post‑election auction placed ARS 6.867 trillion out of ARS 12 trillion due for a 57.18% rollover, with dollar‑linked bids left vacant, signaling a crucial read on how far rates and liquidity can be eased.
- Equities and hard‑currency bonds extended gains, with the Merval up about 5% on the day and ADRs firmer, while a 25 bp Fed rate cut added a supportive global backdrop for Argentine risk.
- Policy signals remain mixed: the BCRA outlined a plan to start buying reserves in 2026, US backing and swap reports continue to temper stress, and a claimed bespoke bond for US Treasury pesos is unconfirmed as officials declined comment.