June Financial News
With the first half of the year behind us, the market is preparing for a second half in which several issues will need to be monitored simultaneously. From a macro-financial perspective, the main focus will be on the accumulation of Net Reserves (and external accounts in general), the exchange rate, and real rates in pesos. We understand that the accumulation of Net Reserves is essential for Country Risk to drop another notch and bring the possibility of returning to the markets closer. From a political perspective, the confirmation of CFK’s conviction by the Supreme Court will imply a reorganization for Peronism, while the PRO alliance with LLA remains in doubt ahead of the elections. The government’s priority objective will continue to be deflation and nominal calm, in order to arrive in the best position for the midterm elections.
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