The financial market is watching the November calendar, which presents a dangerous combination of holidays in Argentina and the United States that will result in five days of zero or restricted trading.
An unexpected measure by Sandra Pettovello excites retirees.
The central concern, as learned by Noticias Argentinas, is that during these days, Scott Bessent, or the fund he manages on behalf of the government, will not be able to actively intervene in the bond market to anchor financial dollars, especially the Cash with Settlement (CCL).
This lack of official firepower on key days is causing fear in the City, as demand for dollars could put pressure on prices and generate strong volatility without the usual seller counterpart.
The schedule that concerns the market: 5 days without intervention
The "drip" of holidays affecting the local exchange market and that of New York (where the CCL is traded) is as follows:
Tuesday, November 11: Holiday in the United States for Veterans Day. It coincides with Friday, November 21, creating an extra long weekend of four days with no trading in Argentina, a window of high uncertainty.
Thursday, November 27: Holiday in the United States for Thanksgiving. There will be no local market (S&P Merval) or dollar MEP operations.
Monday, November 24: Holiday for National Sovereignty Day. With Wall Street closed, there is no dollar bond trading and, therefore, no possible intervention abroad.
Friday, November 21: Holiday with tourist purposes in Argentina. Again, the reference markets will be closed.
Friday, November 28: This is the "fifth key day". It is Black Friday in the US and, although it is not a full official holiday, Wall Street markets operate with a very reduced schedule (close at 1:00 PM, NY time) and with a minimum business volume, which in practice almost completely nullifies the capacity for intervention.
In total, there will be five critical business days in which the government's main stabilization tool will not be operational, leaving the dollar exposed to demand and speculation.
