Overview

• The wholesale dollar reached the BCRA’s upper band near $1,474, with some reports noting a brief breach and no official confirmation of spot intervention.
• Market operators cited heavy BCRA activity in BYMA futures after rule changes doubled intervention limits, seeking to cap devaluation expectations without immediate reserve losses.
• Gross reserves hover around US$39 billion as the Treasury faces roughly US$8.1 billion in external maturities through January, narrowing room to defend the regime.
• Country risk stood near 1,231 basis points and sovereign bonds swung sharply after Tuesday’s rebound, underscoring fragile confidence and volatile flows.
• Economy Minister Luis Caputo said the Treasury is no longer buying dollars at current prices and posted a defiant message on X, while the U.S. Federal Reserve cut rates 25 bps to 4.00–4.25%, a shift that could modestly ease external pressures.