As for fixed income, los bonds denominated in dollars ended with a mostly positive behavior measured in pesos. In hard currency they suffered a collapse during July but recovered strongly in the last week. The highest increase was recorded by Global 2038 (+13.7%), followed by Bonar 2035 (+9.6%), and Global 2046 (+9.1%). For their part, titles in pesos adjusted by CER recovered up to almost 30% in the long stretch. This was the case for TX28 (+28%), CUAP (+27.5%) and TX26 (+26%).
This month also INDEC reported that the monthly estimator of economic activity for May grew 0.3% and retail inflation for June stood at 5.3% while wholesale prices grew 4.8%. The wholesale dollar closed the month with a rise of 4.8%, while the Dolar blue accumulated an increase of $58 (+24.4%)which represents its biggest monthly advance in the year so far, after ending June at $238.
At the international level, the markets were attentive to the rise in rates by the Fed and to the macroeconomic data from the United States. Thus, the Federal Reserve increased the benchmark interest rate by another 75 basis points. “Commodities showed negative returns: oil slipped 7%, while gold and soybeans lost 2.4% and 4.6%, respectively”Tavelli reported. This month, in addition, Ukraine agreed with Russia on a corridor so that grain production can be shipped.