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March Economic Activity Due At 2000BST

ARGENTINA
  • At a business event in Buenos Aires yesterday, President Milei reaffirmed his commitment to dollarise the economy, once certain reforms are completed. He said that the next step is to clear up the central bank’s balance sheet after which the peso would be allowed to float freely against other currencies. He said the BCRA would then stop printing peso’s, allowing the dollar to replace it. Milei has not yet set a date for the lifting of capital controls.
  • Separately, economy minister Luis Caputo said yesterday that the government would have a fiscal surplus again this month, following the surplus reported for April. He also said that lifting capital controls today would be inappropriate, but that the country is moving toward currency competition.
  • March economic activity figures will be released at 2000BST(1500ET), with consensus for the economy to have contracted by 7.3% y/y, following a 3.2% decline in February. Separately, the April leading indicator is also due later today.
    • March Economic Activity Index YoY, est. -7.3%, prior -3.2%
    • March Economic Activity Index MoM prior -0.2%
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