The Argentine foreign exchange market is experiencing a period of relative calm at the beginning of February, with the official dollar and financial quotations in decline, reaching nominal levels not seen in almost three months. Meanwhile, the 'Contado con Liquidación' (CCL) rate falls by 11 to 1469.05 pesos (-0.7%), a level not registered since last September. According to analysts, the international context plays a key role in this depreciation, benefiting emerging market currencies, including the Argentine peso. Alan Versalli, an analyst at Cocos Research, pointed out that there are solid foundations for dollar stability in the short term, driven by average nominal rates of 30% on short-term Lecaps. This figure is the lowest since February 19 of last year. On the leading board, the biggest declines were seen in Transener (-2.4%), Irsa (-2.1%), Metrogas (-1.9%), and Edenor (-1.8%). Argentine stocks trading in New York (ADR) are mostly in negative territory, with drops in Banco Supervielle (-1.8%), Loma Negra (-1.5%), Edenor (-1.3%), and Irsa (-1.1%). Emilio Botto, head of strategy at Mills Capital Group, highlighted that despite short-term volatility, the long-term outlook for the Argentine equity market remains positive, supported by expectations of structural reforms, the normalization of the exchange rate regime, and a possible reclassification in MSCI. In contrast, most sovereign bonds show an upward trend. Bones rise by 0.66% (AL29D), while Globales advance up to 1.55% (GD29D). Private analysts anticipate a wholesale dollar rate in February near $1475, with stability in the controlled range thanks to the dynamics of reserves and gradual remonetization.
