There were rumors that the government is meeting to raise rates. They're just rumors but it shows the market's state of discomfort with inflation levels.
There are a few things worrying the market today, but the most relevant is New York.
Argentina has finally given a sign of tranquility, and the market felt free to rise. Investors also got some good news on our primary budget surplus, which is an important factor for foreigners.
The stock market had been weak due to the Wall Street performance and concerns about Asian economies. The ratings news helped to push the stocks down slightly, but it wasn't the driving force. For a change, Argentina had no negative influence.
The market is volatile due to instability there abroad. The market is lacking personality it is hostage to foreign markets.
It is quite a big relief, showing that a solution to the Argentine crisis is close.
Here, the worry of U.S. rates is even greater because it could mean higher borrowing costs abroad and fewer investments to the country in general.
The bank probably felt the dollar had gained enough in the past days, and it didn't want to put more pressure in the market.
The central bank has made clear it won't let the real appreciate. The real won't strengthen as long as the bank continues to sell contracts and buy dollars.
Nobody here wants to be surprised by bad news from the Fed. People are taking profits ahead of the meeting rather than remain vulnerable.
I personally think it is absurd, but the market is again hostage to the U.S. Nasdaq index. Our problem is a lack of volume.