{"id":44421,"date":"2025-10-03T10:23:19","date_gmt":"2025-10-03T13:23:19","guid":{"rendered":"https:\/\/www.bancocmf.com.ar\/cmf-pre-market-03-10-25\/"},"modified":"2025-10-03T10:23:37","modified_gmt":"2025-10-03T13:23:37","slug":"cmf-pre-market-03-10-25","status":"publish","type":"post","link":"https:\/\/www.bancocmf.com.ar\/en\/cmf-pre-market-03-10-25\/","title":{"rendered":"CMF PRE-MARKET 03-10-25"},"content":{"rendered":"\n<p><strong><em>El BCRA suma poder de fuego para intervenir<\/em><\/strong><\/p>\n\n\n\n<p><em>Ayer durante la rueda, el Tesoro canje\u00f3 la deuda que ten\u00eda el BCRA en su poder para brindarle mayor poder fuego para intervenir sobre el tipo de cambio. El BCRA entreg\u00f3 sus t\u00edtulos a tasa fija (T17O5 y S30S5) y el Tesoro se los canje\u00f3 por cinco t\u00edtulos dollar-linked. La operaci\u00f3n fue por un total de USD 7.376 millones, que podr\u00e1n utilizarse en el mercado secundario para influir sobre el spot. Apenas se conoci\u00f3 la noticia, los dollar-linked empezaron a comprimir y las impl\u00edcitas de los futuros tambi\u00e9n respondieron en consecuencia. La operaci\u00f3n de canje dej\u00f3 en claro que el Gobierno est\u00e1 listo para seguir sumando poder de fuego para sostener el tipo de cambio en estos niveles y tener que evitar vender d\u00f3lares del BCRA sobre el techo de la banda. Por ahora, quien sigue vendiendo en el techo de la \u201cintrabanda\u201d es el Tesoro por cuenta y orden del BCRA. <strong>A pesar de las distintas medidas adoptadas por la administraci\u00f3n para estabilizar el tipo de cambio, creemos que la presi\u00f3n se mantendr\u00e1, por lo menos, hasta las elecciones.<\/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 $1.425.<\/li>\n\n\n\n<li><strong>M\u00e1s venta del Tesoro: a<\/strong>yer el Tesoro habr\u00eda vendido USD 200 MM en la rueda spot y alcanzar\u00eda los USD 700 MM en los \u00faltimos dos d\u00edas. Los dep\u00f3sitos del Tesoro en el BCRA eran USD 3.180 millones al 30\/09.<\/li>\n\n\n\n<li><strong>Inflaci\u00f3n al alza: <\/strong>la inflaci\u00f3n de alta frecuencia medida por Alberto Cavallo de PriceStats subi\u00f3 a 2,9% mensual en septiembre. Cabe recordar que los datos obtenidos para su c\u00e1lculo son mayormente de bienes, por lo que debe considerarse como un <em>proxy<\/em> de la inflaci\u00f3n n\u00facleo.<\/li>\n\n\n\n<li><strong>Contexto internacional: <\/strong>seg\u00fan Trump, el cierre de gobierno es una buena oportunidad para recortar en agencias dem\u00f3cratas. La Casa Blanca tambi\u00e9n dijo que probablemente miles de empleados federales ser\u00edan despedidos durante el cierre, que ya lleva tres d\u00edas.El equity opera flat en Estados Unidos, mientras el oro se acerca nuevamente a los m\u00e1ximos de USD 3.900 por onza.<\/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\u00a0de 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>El BCRA suma poder de fuego para intervenir Ayer durante la rueda, el Tesoro canje\u00f3 la deuda que ten\u00eda el BCRA en su poder para brindarle mayor poder fuego para intervenir sobre el tipo de cambio. El BCRA entreg\u00f3 sus t\u00edtulos a tasa fija (T17O5 y S30S5) y el Tesoro se los canje\u00f3 por cinco t\u00edtulos dollar-linked. La operaci\u00f3n fue por un total de USD 7.376 millones, que podr\u00e1n utilizarse en el mercado secundario para influir sobre el spot. Apenas se conoci\u00f3 la noticia, los dollar-linked empezaron a comprimir y las impl\u00edcitas de los futuros tambi\u00e9n respondieron en consecuencia. La [&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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El BCRA entreg\u00f3 sus t\u00edtulos a tasa fija (T17O5 y S30S5) y el Tesoro se los canje\u00f3 por cinco&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 7 months ago","modified":"Updated 7 months ago"},"absolute_dates":{"created":"Posted on October 3, 2025","modified":"Updated on October 3, 2025"},"absolute_dates_time":{"created":"Posted on October 3, 2025 10:23 am","modified":"Updated on October 3, 2025 10:23 am"},"featured_img_caption":"","series_order":"","_links":{"self":[{"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/posts\/44421","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=44421"}],"version-history":[{"count":1,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/posts\/44421\/revisions"}],"predecessor-version":[{"id":44422,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/posts\/44421\/revisions\/44422"}],"wp:attachment":[{"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/media?parent=44421"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/categories?post=44421"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/tags?post=44421"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}