Argentina Macro Daily(Beta Mode)
Peso Weakens as MERVAL Slips 1%
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| MERVAL | 2,846,220.00 | -1.08% |
| USD/ARS | 1,410.00 | +0.64% |
| EUR/ARS | 1,640.61 | +0.64% |
| Gold | 4,526.50 | +0.58% |
| Brent Crude | 93.15 | -6.46% |
| Soybean | 1,184.50 | -0.13% |
| Bitcoin | 75,642.99 | -0.24% |
| Argentina 10Y | - | - |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
WTI Crude Price | Type: macro_line | USD/bbl: 112.2 (2026-05-18) | Range: 55.44–123.6 | Trend(5pt): 66.31,96.46,76.47,72.58,112.2
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- MERVAL falls 1.08% to 2,846,220 amid thin volumes
- USD/ARS climbs 0.64% to 1,410 on limited intervention
- Net reserves continue gradual recovery toward IMF targets
Yesterday's Recap
Argentine equities closed lower with the MERVAL declining 1.08% as investors reduced exposure ahead of a data-light period. The official USD/ARS rate rose 0.64% to 1,410 while the euro-ARS cross matched the move at 1,640.61. Brent crude’s 6.46% drop weighed on energy names within the index.
Soybean futures eased 0.13% despite steady export registrations. Gold’s modest gain offered little offset for local portfolios. No CPI or trade figures were released, leaving markets focused on BCRA reserve accumulation and fiscal flows.
The 10-year sovereign yield remained unquoted, reflecting thin secondary-market activity.
The Day Ahead
No major Argentine data releases or policy announcements are scheduled. Treasury operations remain limited to routine LETRAS rollovers. Analysts will monitor daily BCRA reserve updates and any comments on the 2% monthly crawl.
Soybean export registrations continue at a brisk pace, supporting trade-balance expectations. Market attention stays on external drivers such as Chinese demand and global commodity prices.
Other Economic Notes
Fiscal consolidation remains on track with the Treasury securing $1.2 bn in inflation-linked bonds at a 7.1% real yield. IMF staff noted progress on primary-balance anchors during recent Article IV talks while flagging reserve targets as still ambitious. Soybean shipments reached 4.1 m tonnes in the first 25 days of May, the strongest start since 2022.
These inflows continue to underpin the current-account surplus and limit pressure on net international reserves. Whirlpool announced it will exit Argentina and invest R$300 million in a São Paulo factory expected to create 2,800 jobs.
Global Macro News
Sri Lanka’s central bank surprised markets with a 100 bp hike to defend the rupee, illustrating how emerging-market policymakers respond to currency pressure. New Zealand’s Reserve Bank held rates but signaled future tightening, reinforcing global caution on premature easing. Sweden’s hotter PPI print challenged rate-cut bets and supported the krona.
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