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Crypto dollar rises in the run-up to the change of government: it trades above $1,000

2023-12-08T18:38:47.401Z

Highlights: Crypto dollar rises in the run-up to the change of government: it trades above $1,000. In New York, Argentine bonds are rising. Argentine stocks listed on Wall Street are mixed, with increases of up to 3% for YPF and falls of 3.6% for Cresud. The AL30, the most popular stock in the market, advanced 0.4%, while the AL35 rose 1.5%. So far this year, these bonds are up 54% and 30%, respectively.


In New York, Argentine bonds are rising. ADRs are mixed.


Two days before the start of the new government, the crypto dollar, the only one trading this holiday, rises 5% and sells at $1,013.

In this way, the crypto dollar follows the trend shown by alternative dollars yesterday, with the blue at $990 at the close after having touched $1,000 during Thursday morning.

Also up in yesterday's session were the MEP dollar and the liqui spot, which ended at $986 and $991, respectively.

The surprise of yesterday's round was the official dollar, which readjusted its price with a rise of 5.9%. This brought the wholesale dollar to $385 and the card dollar, which is used to pay for consumption of goods and services in dollars and purchases abroad to $1,021. Thus it became the most expensive on the market.

These increases are part of investors' expectations about what will happen on Monday, when the new government implements its first measures.

Now the market expects a jump that will take the official dollar price to a level between $650 and $700, with an exchange rate gap with respect to the spot with liqui of around 35%. Today that gap is 158%.

"On Monday, investors' attention will be directed to the reading left by the inaugural speech and the first economic measures that could have been announced, with a focus on fiscal balance and the excess of pesos, but also on how the exchange rate regime would start in this new stage that is expected to be with fewer restrictions," said economist Gustavo Ber.

"It will be crucial for the new administration to quickly awaken confidence, since it is essential to achieve parliamentary and social support that will allow progress to be made in an implementation that will undoubtedly have associated costs in the short term, including an acceleration of inflation accompanied by a contraction of economic activity," he said.

Bonuses go up

On Friday, Argentine bonds denominated in dollars listed on Wall Street rose between 0.5% and 1.5%. The AL30, the most popular stock in the market, advanced 0.4%, while the AL35 rose 1.5%.

So far this year, these bonds are up 54% and 30%, respectively. Today the AL30 is trading at $37.15. Most of the increase occurred in recent weeks, hand in hand with the imminence of the change of government that anticipates a new economic model.

I also help the recovery of the bonds that the president-elect, Javier Milei, has publicly said that Argentina will honor its debts, which removed the specter of a restructuring of liabilities.

On the other hand, ADRs, Argentine stocks listed on Wall Street, are mixed, with increases of up to 3% for YPF and falls of 3.6% for Cresud.


Source: clarin

All business articles on 2023-12-08

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