Overview
- The wholesale peso-dollar repeatedly approached the symbolic 1,500 level and was trading around 1,490–1,497 on August 10–11, with the BCRA using spot windows, futures and dollar‑linked bond activity to prevent a breach.
- Markets saw a jump in private demand for dollar protection, with Wise Capital estimating private holdings of dollar‑linked instruments rose from about USD 3.2 billion in May to roughly USD 11.2 billion by July.
- The informal 'blue' dollar climbed about ARS 15 to near ARS 1,550 on August 11, widening the gap with the official rate and signaling continued retail demand for hard currency.
- The BCRA reported a USD 57 million spot purchase on August 11, its largest buy so far in August, while futures and dollar‑linked issuance have absorbed pesos and helped push short‑term yields higher.
- Markets are focused on a Treasury licitación to roll roughly ARS 4.5 trillion in maturities the following day because the rollover rate will determine how much liquidity is released, the path of short rates and the risk of renewed peso appreciation.