{"id":42751,"date":"2025-05-15T11:03:00","date_gmt":"2025-05-15T14:03:00","guid":{"rendered":"https:\/\/www.bancocmf.com.ar\/cmf-pre-market-15-05-25\/"},"modified":"2025-05-16T11:04:22","modified_gmt":"2025-05-16T14:04:22","slug":"cmf-pre-market-15-05-25","status":"publish","type":"post","link":"https:\/\/www.bancocmf.com.ar\/en\/cmf-pre-market-15-05-25\/","title":{"rendered":"CMF PRE-MARKET 15-05-25"},"content":{"rendered":"\n<p><strong><em>Salida del cepo sin traslado a precios<\/em><\/strong><\/p>\n\n\n\n<p><em>El consenso del mercado esperaba que la salida del cepo implicara una depreciaci\u00f3n del tipo de cambio oficial hacia el d\u00f3lar financiero. No obstante, la apertura del control de capitales no solo no implic\u00f3 una depreciaci\u00f3n del tipo de cambio, sino que una semana despu\u00e9s de abrir, el d\u00f3lar oficial estaba 0,80% por debajo del viernes previo a la salida. Si bien durante los primeros d\u00edas, los medios mostraron que algunos comercios hab\u00edan aumentado los precios como cobertura, esto no se tradujo en una suba generalizada de precios superior a la del mes anterior, sino todo lo contrario, la inflaci\u00f3n baj\u00f3 90pbs. con respecto al 3,7% de marzo. De todos modos, cabe destacar que los precios regulados ayudaron mucho al anclaje de precios, mientras que la inflaci\u00f3n n\u00facleo se mantiene elevada corriendo al 3,1% en el \u00faltimo trimestre, contra 2,75% del trimestre nov-ene. <strong>Esperamos que el gobierno contin\u00fae utilizando a los precios regulados como ancla, principalmente en meses con estacionalidad negativa.<\/strong><\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Mercado de cambios:<\/strong> el d\u00f3lar oficial (A3500) abre la rueda en zona de $1.135.<\/li>\n\n\n\n<li><strong>Licitaci\u00f3n del MECON: <\/strong>el MECON colocar la totalidad de los vencimientos que enfrentaba, adjudicando $5,41 billones. M\u00e1s del 60% ($3,38 billones) fue adjudicado a las LECAPs a 45 y 75 d\u00edas, a tasas de corte pr\u00e1cticamente iguales a las de mercado. <\/li>\n\n\n\n<li><strong>Inflaci\u00f3n: <\/strong>la inflaci\u00f3n de abril fue de 2,8% mensual. El IPC N\u00facleo fue de 3,2%, mientras que Regulados midi\u00f3 1,8% y Estacionales 1,9%.<\/li>\n\n\n\n<li><strong>Uso de d\u00f3lares: <\/strong>se espera que hoy el Gobierno anuncie las medidas para fomentar el uso transaccional de d\u00f3lares en efectivo.<\/li>\n\n\n\n<li><strong>Saldo en el MULC: <\/strong>el Banco Central anunci\u00f3 ayer nuevamente que no intervino en el mercado de divisas.<\/li>\n\n\n\n<li><strong>Contexto internacional: <\/strong>EE.UU. e Ir\u00e1n avanzan en las negociaciones nucleares, a pesar de las dificultades que suponen este tipo de acuerdos. Trump calific\u00f3 a la situaci\u00f3n como positiva, y desde Ir\u00e1n confirman que las conversaciones son dif\u00edciles pero \u00fatiles. En Gran Breta\u00f1a, la econom\u00eda creci\u00f3 0,7% el primer trimestre de 2025, superando las expectativas de los analistas. No obstante, el estad\u00edstico todav\u00eda no habr\u00eda capturado el impacto negativo de las pol\u00edticas comerciales de Trump.<\/li>\n<\/ul>\n\n\n\n<p><strong>Este informe ha sido elaborado a t\u00edtulo informativo. El presente NO debe ser tomado como una recomendaci\u00f3n o instrucci\u00f3n, y no reviste car\u00e1cter de ofertas de productos y\/o servicios ni solicitud de orden&nbsp;de compra y\/o venta. Banco CMF S.A. no ser\u00e1 responsable por ning\u00fan error y\/u omisi\u00f3n del contenido.<\/strong><\/p>\n\n\n\n<p><strong><em>Copyright \u00a9 2017 Banco CMF S.A. All rights reserved.<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Salida del cepo sin traslado a precios El consenso del mercado esperaba que la salida del cepo implicara una depreciaci\u00f3n del tipo de cambio oficial hacia el d\u00f3lar financiero. No obstante, la apertura del control de capitales no solo no implic\u00f3 una depreciaci\u00f3n del tipo de cambio, sino que una semana despu\u00e9s de abrir, el d\u00f3lar oficial estaba 0,80% por debajo del viernes previo a la salida. Si bien durante los primeros d\u00edas, los medios mostraron que algunos comercios hab\u00edan aumentado los precios como cobertura, esto no se tradujo en una suba generalizada de precios superior a la del mes [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center 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No obstante, la apertura del control de capitales no solo no implic\u00f3 una depreciaci\u00f3n del tipo de cambio, sino que una semana despu\u00e9s de abrir, el&hellip;","coauthors":[],"tax_additional":{"categories":{"linked":["<a href=\"https:\/\/www.bancocmf.com.ar\/en\/category\/pre-market-daily-close-en\/\" class=\"advgb-post-tax-term\">Pre Market &amp; Daily Close<\/a>"],"unlinked":["<span class=\"advgb-post-tax-term\">Pre Market &amp; Daily Close<\/span>"]}},"comment_count":0,"relative_dates":{"created":"Posted 11 months ago","modified":"Updated 11 months ago"},"absolute_dates":{"created":"Posted on May 15, 2025","modified":"Updated on May 16, 2025"},"absolute_dates_time":{"created":"Posted on May 15, 2025 11:03 am","modified":"Updated on May 16, 2025 11:04 am"},"featured_img_caption":"","series_order":"","_links":{"self":[{"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/posts\/42751","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/comments?post=42751"}],"version-history":[{"count":1,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/posts\/42751\/revisions"}],"predecessor-version":[{"id":42752,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/posts\/42751\/revisions\/42752"}],"wp:attachment":[{"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/media?parent=42751"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/categories?post=42751"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/tags?post=42751"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}