WEEKLY SYNTHESIS IN 5 POINTS

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1. Summary of Futures and Options Trading

 

The average daily volume (ADV) of futures and options (FyO) traded in the week reached 814.412 contracts, 72% higher than the average of the previous week, while the ADV of the year shows a drop of 67% compared to the same period last year.
In the following table you can see the weekly ADV, a comparison with the previous week and the annual accumulated:

The Open Interest (IA) -contracts pending cancellation- average for the week was 4.465.478 contracts, 1% higher than the level reached last week. For its part, the average AI for the year is 39% lower than the same figure for the previous year.

2. Dollar Futures


The price of the US dollar in the wholesale market (CAM1 wheel of the MAE) increased 0,6% in the week, closing at $ 72,32 per dollar (vs. $ 71,90 on the last business day of the previous week). This rise was accompanied by a 20% drop in the level of Trades spot with respect to the average of the previous week, registering an ADV of US $ 96,6 million.
For its part, the gap between the price of the MEP dollar and the wholesale dollar increased 953 basis points to 68,7% on the last business day of the week. While the gap measured against the CCL dollar ended the week 751 basis points above the close of the previous week, down to 70,5%.
For its part, the average volume traded in the dollar futures market increased 77% compared to the previous week, reaching an ADV of 796 thousand contracts. Regarding prices, they fell on average 1%:

At the end of the week, the implied dollar rates increased on average 19 basis points, averaging 46% for the entire curve. In particular, the second position increased 138 points compared to the close of the previous week:

3. Futures and Options of Fixed Income and Equities

Stock indices

The week was marked by the FED's decision to leave the reference rate unchanged in the range 0% - 0,25% (in line with market expectations and remaining at these levels since mid-March) and by the data negative economic events in the USA, where GDP had the largest drop in history at -32,9% annualized for the second quarter of the year (vs. -34,1% expected).
In terms of prices, the main benchmark indices measured in dollars closed mixed: S & P500 + 1,7%, Nasdaq + 4%, Bovespa + 0,7% and DAX -5%. At the local level, the RFX20 index increased 1% in pesos during the week, while measured in dollars (CCL) it fell 4%.
The following graph shows the performance of the main world stock indices in relation to the RFX20 index:

For their part, the implicit rates of the first and second position of the index future ended the week at 42,1% and 42,5% respectively (vs. 40% and 43,2% at the end of the previous week).

In notional terms, during the week the volume traded reached a daily average of $ 593 million (-24% weekly), equivalent to 50% of the negotiation spot.

Individual Actions
On average, trading in Grupo Financiero Galicia's (GGAL) stock futures reached 3.786 contracts per day, 35% lower than the previous week, while the ADV for the year advanced 539% in the year-on-year comparison. In notional terms, Trades in the local market (spot + futures) reached 52% of the ADR volume (vs. 43% the previous week), while future Trades represented on average 17% of the spot negotiations (vs. 15% the previous week).


4. Gold and Oil Futures
 

During the week, Gold derivatives trading showed an average daily volume of 622 contracts (-19% weekly), while WTI Oil trading increased 25% compared to the previous week, averaging 412 contracts per day.

 

5. Agricultural Futures and Options


The ADV of futures and options of all agricultural products reached 170.634 tons, 42,4% lower than the previous week. The following table shows the adjustment price at the end of the week, the weekly volume and the open interest for the open positions of Soy, Wheat and Corn with delivery in Rosario: