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In a day that he painted for black monday and finished tied, The dollar close at $ 45.70, up 15 cents from the end of Friday. And the country risk, which had started with a 2% rise, had been reduced to 911 basis points, a decrease of 1.5% compared to the previous closing. This time, storm threats did not come from the local market, but from the north. The Asian bags collapsed after tweets launched Sunday night by Donald Trump, promising to revive the fire of the US-China trade war.
The North American president used the social network to announce that from next Friday, the import duties of Chinese products would increase by 10 to 25%.
Given that, the Shanghai Stock Exchange fell 5%, while that of Shenzhen fell by 7.3% and that of Hong Kong by 2.9%. The collapse of Asian markets has defined the opening of the local market. At ten in the morning, the dollar was up 1.5%, country risk has increased 2% and the Argentine shares on Wall Street fell by 4%.
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But with hindsight, badysts have dropped the tone on Trump's ads and have interpreted it as a threat to make China more flexible to negotiate. This reading change decelerated depreciation emerging currencies.
The dollar has stopped his career and has ended with a rise of 0.7%, in line with the depreciation of the real and the Colombian peso. Thus, at the retail level, it closed at $ 45.70, 15 cents higher than Friday, and the wholesaler at $ 44.67, an increase of 25 cents. The volume was USD 746 million and there was no transaction on the MAE futures market.
As indicated by CIARA, the agro-exporters have liquidated USD 144 million, which helped to calm the rise that the currency had shown at the opening.
The deceleration of the dollar gave the central bank a margin to validate a drop in Leliq rates 23 basis points, which led to 73.53%.
The same zigzag of the foreign exchange market has been repeated in the country risk – the indicator that measures the surtax that Argentina pays to borrow – that opened in 945 and it was falling to 911, 2% less than at the previous closing.
The initial pessimism reached SARD, the papers of Argentine companies listed in New York, which started with losses of up to 4%, but were recovering ground. The French bank lost 1.3%, the Macro lost 0.3 and the Supervielle increased by 0.2%. Takeoff and Mercado Libre lose 1.6 and 1.9%, respectively. Marcos Galperín's company was blocked a jump of 21% in the quote last Friday, when announcing the positive results of the last quarter.
At the local level, the Merval started with a drop of 1.4% but was going down with the minute race. At noon he was already getting up and ending with an increase of 1.8% in the day and 11% in the month.
For operator Gustavo Quintana, "driving, there was a clear impact of the international nervousness. The North American currency has seen many ups and downs and marked volatility. The supply of dollars could control the movement of the big dollar, thus easing a correction that had shown an excess in the local reaction in the first part of the day. "
However, badysts warn that the tension could return. "Without a trade agreement between the United States and China, the enthusiasm dissipates and they return to appear doubts on the progress of the economy If tensions intensify and the game of the tariff game returns, market prospects may deteriorate significantly, "said Lucas Gardiner, Portfolio Personal Inversiones director.
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