Argentina Macro Daily(Beta Mode)
Merval Drops, Peso Weakens
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| MERVAL | 2,831,849.00 | -2.31% |
| USD/ARS | 1,392.00 | +0.98% |
| YPF | 43.31 | +0.37% |
| MercadoLibre | 1,809.20 | -2.78% |
| Globant | 43.32 | -9.24% |
| Soybeans | 1,177.00 | +1.49% |
| Gold | 4,704.20 | -0.02% |
| Bitcoin | 77,615.06 | -0.84% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
Brent Crude Oil Prices | Type: macro_line | USD per Barrel: 103.4 (2026-04-20) | Range: 59.93–138.2 | Trend(5pt): 65.5,106.8,91.88,80.57,103.4
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- Merval index fell 2.31% amid global risk aversion, while USD/ARS rose 0.98% due to crawling peg adjustments.
- Public debt in pesos increased 4% in March to $307.506 million, with $12.022 million in foreign currency maturities pending for the year.
- US provided Argentina with a $20bn Treasury swap line, supporting reserves amid emerging market constraints.
Yesterday's Recap
Argentine markets experienced downward pressure as the Merval index closed at 2,831,849.00, down 2.31% from profit-taking and broader equity weakness. The USD/ARS official rate increased 0.98% to 1,392.00, influenced by crawling peg dynamics and dollar inflows from exports. YPF shares rose 0.37% to 43.31, buoyed by soybeans climbing 1.49% to 1,177.00, while ADRs like MercadoLibre declined 2.78% to 1,809.20 and Globant dropped 9.24% to 43.32 amid tech sector declines.
Public debt updates indicated a 4% rise in peso-denominated stock to $307.506 million in March, with $12.022 million in foreign currency maturities due through year-end, highlighting fiscal challenges. Sovereign bond spreads expanded slightly, amid stable gold prices at 4,704.20 (-0.02%). Bitcoin fell 0.84% to 77,615.06, though local interest persists under Milei's supportive policies.
No significant data releases occurred, but the US $20bn swap line to Argentina helped mitigate some peso pressures. Separately, Argentine authorities assisted in the arrest of Fernando 'N', a Mexican rear admiral linked to fiscal huachicol, showcasing international cooperation.
The Day Ahead
Focus shifts to potential BCRA reserve figures, likely reflecting gains from Vaca Muerta oil exports under stable crawling peg conditions. Markets await informal updates on IMF programme adherence, with fiscal surplus goals in view before May assessments. No formal events are slated, but blue dollar trends may react to recent export dollar supplies.
Energy updates, such as Vaca Muerta production, could impact YPF and related stocks. Overall sentiment depends on global commodity stability, which may affect trade balances.
Other Economic Notes
Argentina's fiscal stance improved via trade surpluses aiding reserves, yet growing peso debt highlights refinancing needs. Vaca Muerta's oil output supports export expansion, aligning with IMF surplus requirements. Ongoing congressional labor reforms aim to reduce severance expenses, encouraging investments.
