Key Points
- The peso stayed orderly: the official and blue rates were separated by about 1%, while the CCL remained the main pressure valve.
- The stock market slipped as traders took profits, with country risk rising to 577 and attention shifting back to reserves and rates.
- Global noise mattered: the dollar index hovered near 99 as fresh debate over U.S. central-bank independence shaped risk appetite.
Argentina entered Tuesday with its currency market looking unusually “contained” by local standards, even as investors stayed jumpy about global policy headlines.
The wholesale dollar sat around 1,467.5 after Monday’s modest move, with about $434 million traded. At Banco Nación, the retail rate held at 1,490 for sales, while the blue market printed 1,485 buy and 1,505 sell.
The narrow gap between official and blue pricing points to a market that is cautious but not disorderly. The deeper signal sits in the financial dollars: the MEP hovered near 1,487.9, but the contado con liquidación (CCL) stayed higher around 1,528.4.
In plain terms, everyday cash demand looks calm, while the “capital exit” channel still carries a premium. Policy and liquidity remain the real story.
The central bank extended its run of purchases, with local reporting putting Monday’s net buy at about $55 million and gross reserves near $44.768 billion.
Yet money-market stress showed up in peso funding costs, with caución rates spiking late in the session. That combination fits a conservative macro playbook: keep liquidity tight, lean on disinflation, and rebuild buffers—at the cost of slower equity momentum.
Stocks reflected that pause. The S&P Merval closed near 3,076,947, down about 0.4%, as investors digested the recent bond coupon payment (about $4.2 billion) and a reported $2.5 billion repayment tied to a pre-election stabilization swap. Country risk climbed to 577.
Top winners
- Agrometal +7.40%
- Telecom Argentina +3.8%
- IRSA (ADR) +3.85%
- Cresud (ADR) +2.35%
- Tenaris (ADR) +1.10%
Top losers
- Transportadora Gas del Norte -3.5%
- Central Puerto (ADR) -3.48%
- Edenor (ADR) -2.78%
- Banco Supervielle (ADR) -2.67%
- Sociedad Comercial del Plata -2.8%
Technically, the peso looks pinned in a tight range near 1,467, while equities remain in consolidation—waiting for the next catalyst: reserves, inflation, and credibility.
Related coverage: Brazil’s Morning Call | Machado Heads To The White House As Trump Bets On Regime Ins This is part of The Rio Times’ daily coverage of Argentina affairs and Latin American financial news.