Argentina Macro Daily(Beta Mode)
MERVAL Drops as Peso Holds Steady
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| MERVAL | 3,022,485.00 | -3.19% |
| USD/ARS | 1,490.50 | -0.52% |
| EUR/ARS | 1,719.93 | -0.59% |
| Gold | 4,466.90 | +1.91% |
| Brent Crude | 89.23 | +0.36% |
| Soybean | 1,173.50 | +2.27% |
| Bitcoin | 63,806.19 | +0.40% |
| Argentina 10Y | - | - |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
MERVAL Index | Type: market_hloc | Index Level: 3.022e+06 (2026-08-11) | Range: 2.708e+06–3.38e+06 | Trend(5pt): 2.833e+06,3.164e+06,3.123e+06,3.282e+06,3.022e+06
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- MERVAL fell 3.19% amid thin trading volumes and limited local catalysts.
- USD/ARS eased 0.52% to 1,490.50 while soybean futures rose 2.27%.
- Net reserves remain below target despite recent IMF tranche inflows.
Yesterday's Recap
Argentine equities closed sharply lower as the MERVAL index declined 3.19% to 3,022,485 points on profit-taking in energy and financial names. The peso strengthened modestly, with USD/ARS falling 0.52% to 1,490.50 after the BCRA maintained daily spot sales near $80 million. EUR/ARS dropped 0.59% to 1,719.93 in line with the dollar move.
Soybean prices advanced 2.27% to $1,173.50 per bushel, supporting export revenue forecasts for the August trade balance. Gold rose 1.91% to $4,466.90 per ounce on global safe-haven demand, while Brent crude gained 0.36% to $89.23 per barrel. Bitcoin edged 0.40% higher to $63,806.19 with minimal spillover to local markets.
The Argentina 10-year bond showed no price change as liquidity stayed thin ahead of the next LETRA auction. No economic releases occurred yesterday, leaving markets to focus on commodity price swings and thin local flows.
The Day Ahead
Markets enter a data-light session with no major releases scheduled from INDEC or the BCRA. Traders will monitor soybean shipment volumes and any updates on the $500 million dollar-linked bond auction planned for next week. Fiscal consolidation efforts remain in focus as the Treasury targets reduced short-term peso rollover risk.
The BCRA is expected to continue daily FX interventions to defend the 1,490 level in USD/ARS. Broader attention may shift to global commodity trends and their impact on Argentina’s export surplus, currently tracking near $1.4 billion for August. Investors await any signals on reserve accumulation ahead of the next IMF review.
Thin volumes are likely to persist until clearer catalysts emerge.
Other Economic Notes
July inflation data showed reacceleration, keeping the BCRA on hold at the 55% policy rate. Core goods prices rose faster than services, confirming persistent price pressures that limit room for near-term easing. Net international reserves climbed $320 million to $27.8 billion after the latest IMF disbursement, yet remain short of the $30 billion comfort threshold.
The government continues to lengthen debt maturities via dollar-linked instruments to reduce refinancing risk. Soybean export proceeds are expected to support the trade surplus and reserve build through the fourth quarter. No fresh data prints are due today, so attention stays on external flows and auction execution.
