The OFZ curve moved up 50-55bp along all tenors yesterday. In particular, RFLB 28 (YTM 13.70%) lost some 2.0pp price wise, while bonds on the belly lost near 1.5pp. In our view, price action was driven by profit taking amid pressure on the FX spot market. Overall, we believe that the correction in OFZs might continue amid low trading volumes. The OFZ market closed before S&P’s announcement.