FALLING STOCKS AND DOLLAR REACHES $ 4.11

INTERNATIONAL OUTLOOK - The President of Greece, George Papandreou, got its goal on the morning of Wednesday and won the support of more than half of 300 deputies that make up the Greek Parliament, by which he obtained approval from the House to put up the adjustments required by the EU and the IMF for Greece to receive financial aid. The euro rose, then up to two weeks against the dollar in response to the news, setting a ceiling of $ 1.4449. Moreover, it emerged on Thursday that the big German banks had agreed to participate in a new aid program for Greece agreeing to longer terms of payment for bonds worth 2,000 million euros maturing in 2014. Meanwhile, French bankers are also willing to reinvest 70% of the securities maturing in the next three years.

Finally, the euro closed on Friday its second-quarter earnings above $ 1.45, thanks to Greece has been avoided, at least for the moment, bankruptcy and receive international aid. The single currency also benefited from expectations of a further rise in interest rates by the ECB at its meeting next Thursday, after inflation in the eurozone will be above the bank's target. Some positive U.S. economic data and signs that the Japanese economy is recovering from the earthquake faster than expected has boosted expectations for an improvement in the global economy for the second half, which increases the risk appetite , favoring the euro and other related commodities.

However, although some analysts believe the currency could be directed toward community $ 1.50, the majority has decided to act cautiously until Greece show that is capable of implementing austerity measures approved. Meanwhile, Portugal announced the acceptance of the plan to also have access to financial aid. On Friday, at the last minute, it was reported that the finance ministers of the EU on Saturday held a conference call to give the green light to the delivery of 12,000 million multilateral aid for Greece. At Friday's close in New York market the euro traded at $ 1.4524.

FALLING STOCKS AND DOLLAR REACHES $ 4.11

PANORAMA ARGENTINO - There were two issues at the edge of last week led to interesting exchanges between market participants. On the one hand, was the speech by the president of the BCRA, Mercedes Marco del Pont at the opening of the conference money, who said "We will not use adjustment policies or cooling of the economy or the currency appreciation as a tool for disciplining prices. " In the same vein, the economist and general manager of Aerolineas Argentinas, Kicillof Axel, who sources said may be the future economy minister, said in a panel that "orthodox economics is an absolute bankruptcy," adding that the Central Bank " can not be independent. " And also attracted widespread attention that the closing exchange rate of the National Bank has reached $ 4.11, when the minister had assured Amado Boudou recent days a group of bankers, emphatically, "the older guy is not going to going from $ 4.10 to the end of October. " Meanwhile, the Argentine MULC had a week last June, very complicated.

Transactions are conducted in a tense atmosphere, the product of a great uncertainty to the perhaps contributing again, the BCRA itself with its very particular way to make its interventions in the market. The truth is that demand again exceeded supply and the money being sought by various means of balancing the two forces. Sometimes, very early, sold counted between 15 and 20 million dollars to test the volume buyer and sometimes turned to the futures market to sell at short notice at prices implied rates between 7.5 and 8%, tempting and banks to make a profitable business by buying the BCRA to future market and selling in the consideration in cash, by the swaps classic. He also called upon to display his classic offer for USD 50 million at a fixed price, which has the sole purpose of putting a cap on prices, because this offer becomes virtual, it is very difficult to be operated in a market that does not bargain for such high amounts.

The amount traded between banks and exchange rate was $ 2.313 million, with a daily average of USD 463 million, 17% lower than the previous week. On Wednesday 29 the closing selling transfer set by the National Bank was $ 4.1100, being the historical exchange rate of the peso / dollar higher. After five days of reserves totaled USD 51.741 million, showing a fall of USD 348 million. In the futures market prices were Rofex end of July to $ 4.1330, $ 4.1620 in August, September $ 4.2270, $ 4.3120 in December and June, 2012 $ 4.5790. In the futures market in New York the peso / dollar traded at $ 4.6108 a year (12%).