Overview
- A critical price-setting session on Wednesday forced the wholesale dollar to an intraday high near $1,514 because that fixing set the reference to pay almost US$2,600 million in dollar‑linked bonds.
- The Central Bank intervened heavily in futures and the spot market during the fixing and reported a net buy of US$61 million for that session to blunt volatility.
- Trading in hedging markets surged with futures volume around US$3.57 billion and Market Libre de Cambios flows near US$679 million as operators covered exposure ahead of the bond payments.
- Pressure eased after the fixing and the wholesale rate dipped to about $1,512, while the Treasury’s auction renewed roughly 96% of redemptions by placing $12.16 trillion and left about $500 billion pesos in circulation.
- The episode pushed the country risk to about 510–517 points and left investors cautious because the shift suggests a deliberate trade‑off between tolerating a slightly higher dollar and trying to lower peso rates, which could affect inflation and borrowing costs for households and firms.