This Thursday they were observed disruptive movements for the various prices of the dollar, in a day in which the key financial data for the course of business was expected on the next wheels: the restructuring offer of sovereign debt to be carried out by the Government.
After the President of the Central Bank, Miguel Pesce, announced that measures will be taken To avoid a spike in the dollar prices implicit in stock trading, the “Counted with liquidation”, which sank 9%, up to 101 pesos, Although it recovered in the last hour of business on the Stock Market, to close at 103.42 pesos.
Therefore, the market parity already worth the same as the reappeared “blue” dollar, which with minimal business due to quarantine -and for “delivery” – operated around 100 pesos.
“The values can be considered referential because there is very little activity. We can say that buyers and sellers are at 100 pesos, but higher prices were also heard, “an operator explained to Reuters. “He blue it is rearranging and it is logical since it will seek balance with the ‘cash settlement’“Added the source.
In the market wholesaler maintains the slight daily rise, this time of about twelve cents, to 65.74 pesos. The amount operated in the spot segment was scarce 179.1 million of dollars. The formal currency increases 9.8% in 2020.
“In a wheel of low volume business, the monetary authority had to activate your sales to supply the authorized demand due to a lack of genuine supply “, he commented Gustavo Quintana, agent of PR Corredores de Cambio.
The dollar retailer sold for an average of $ 88.23 in electronic operations, with the application of the tax Tax for an Inclusive and Solidarity Argentina (PAIS) of 30 percent.
With regard to the market parities, which are calculated based on the price in pesos and dollars of Argentine stocks and bonds, the “Counted with liquidation” fell 6.8%, to $ 103.42, after trading close to 111 pesos on Wednesday.
He dollar MEP, Stock Market or Cable, operating through stock market assets that allows dollars to be credited to an account in the local financial system, fell below 100 pesos, to 99.05 pesos.
Although the details of the measures that would be taken by the board of the monetary authority, which met this Thursday, are still unknown, versions among agents of the Buenos Aires City point to a 10-day extension of the parking period, which obliges to keep for a certain number of business days the portfolio securities, purchased for resale in dollars.
On the other hand, market sources specified Infobae that the Central would have advanced the administrators of Mutual funds (FCI) who studies value their dollar portfolios at the official exchange rate, with the restoration of Resolution 646/2015 of the National Securities Commission.
Through his Twitter account, the Consultatio strategist José Echagüe expressed that “with supercepo and public titles in dollars debating the default, the FCI today is the only formal (blank), professional and safe way for investors to dollarize. If they obstruct it, what the investor receives is a veiled invitation to go to the informal market“
Operators further commented that official organizations holding portfolio bonds would have been selling securities to drive an implicit dollar price drop. He Bonar 2024 (AY24), a bond in dollars with Argentine legislation, is the one that concentrates the liquidity to obtain the MEP dollar.
“As early as April, as the injection of money accelerates, inflationary pressures will manifest themselves and probably strongly if this trend of monetary issue continues. Indeed, one of the first prices to react to these expectations is the exchange rate; the dollar traded on the capital market had an abrupt rise in recent days, exceeding 110 pesos and raising the exchange gap with respect to the wholesale exchange rate at almost 70%”, Indicated a study by the Center for Economic Research of the Córdoba Stock Exchange.
Analysts Investments Personal Portfolio They contributed that the exchange pressure is produced “in the face of speculation regarding the exchange offer of debt, along with doubts about the future of the economy that increased with the appearance of COVID-19, and in the face of an increase in inflationary expectations. At the same time that, the financing needs in this sense promoted the monetary issue, in a setting of low passive rates“
Asked about the increase in the dollar “counted with liqui”, the President of the Central Bank, Miguel Pesce, attributed it to “speculative maneuvers” that were carried out after the disarmament of the entity’s debt stock (Liquidity Letters and Passive Passes), for some $ 400 billion in the last month.
“When we released those Leliqs and put them in the current accounts of the banks, it caused a very sharp drop in interest rate and some have taken advantage of those circumstances ”, acknowledged Pesce, in statements to TN.
Meanwhile, the Bookings Central Bank international prices fell by USD 22 million on Wednesday, to end in 43,867 million of dollars.