The blue dollar yields to $ 181.5 and the country risk falls to the lowest level in two months

Annabella quiroga

08/25/2021 2:56 PM

• Clarín.com

• Economy

Updated 08/25/2021 2:56 PM

This Wednesday, the blue dollar yields fifty cents and falls to

$ 181.50.

In this way, the informal remains calm less than 20 days before the STEP elections on September 12.

In financial dollars, the cash with liquid increased 1.3%, to

$ 171.5

and the MEP dollar advanced 0.9%, to

$ 170.6.

The wholesale dollar is trading at

$ 97.5

and the gap with the blue remains at 87%

The positive rally that Argentine stocks have been showing in Buenos Aires and New York continues.

After the strong rises on Tuesday, which brought the leading index to 3.3%, the Merval shows

a slight rise of 0.5%

.

This brings it to 71,704.47 points, with a volume traded that exceeds

$ 42.8 million.

The papers listed in New York move up and down, with

rises of up to 5%

in the case of the French Bank.

And the bonds, which rose 1% yesterday, this Wednesday operate mixed.

This pushes country risk down, the JP Morgan indicator that measures the excess rate that Argentina should pay for borrowing.

This Wednesday it

falls 0.6% to 1,539 basis points,

the lowest level since June 23.

"With the performance of this week, global bonds leave behind the correction initiated as a result of the Central Bank regulations in mid-August," they noted from Portfolio Personal Inversiones (PPI).

Analysts point out that behind this rally and the drop in country risk there is

a combination of reasons:

the expectation of a quick agreement with the IMF, the illusion of a favorable electoral result for the market and the rush of global stock markets that spills over emerging countries.

"What is behind this rebound? Did they begin to price the 'electoral trade' or a simple spill of the good moment for the emerging countries? Are they the rumors about the agreement with the IMF?", They ask in PPI.

"It's probably a combination of all these factors, but

we can't deny that the robust rebound is exciting

."

For Fernando Marull, director of the consulting firm FMyA, the thrust of global markets is the main reason behind the improvement in Argentine assets.

"Since Monday, global markets have improved a lot because

China eased regulations a bit and that lifted the Chinese market, which had been heavily punished.

That in part infected Brazil and emerging countries and in that context yesterday the shares in the Merval rose sharply with rises between 5% and 10%, while bonds increased 1%, "Marull said.

The economist points out that in this global context "there is something of a bet on the STEP, that the Government does badly, but

the rise of the Merval and the bonds is largely explained by the international context

."

For Marull, "

the pseudo-accident with the IMF has zero incidence in the rise

, unlike what the Government says."

The Mervaleta

In the Twitter scene, this bullish rally already has the name

"La Mervaleta"

, with its own hashtag on that social network.

It refers to the fact that Argentine papers came with very low values, so this rally is a good time to take profits for those who dare to trade here.

For traders, the rebound in bonds and stocks

refers to what happened two years ago, before the STEP 2019,

when stocks rose sharply in anticipation of a positive result that would enable Mauricio Macri's re-election, which finally did not happen.

The market paid dearly for that mistake.

After the euphoria of August 9, three days later, with the Fernández-Fernández formula sweeping the primaries, there was the largest loss in value in history, with

a 60% drop in the value of the shares.

AQ

Look also

The Central Bank assures that it has a "robust" position to control the dollar in the face of the elections

Real estate market: the sale of properties does not rebound and prices continue to fall