The Banco Nación price amounted to $ 77.50 while the electronic channel reached $ 77.45.
At Market Unique and Free of Changes (MULC), the currency rose 24 cents to $ 73.40 in line with the Central Bank’s selling position, who maintained his strategy of correcting the exchange rate by compensating the days of inactivity for the long weekend in a magnitude somewhat higher than that of last Monday.
In recent days, both President Alberto Fernández and Deputy Chief of Staff, Cecilia Todesca, expressed doubts about the continuity of the permit so that people can buy up to $ 200 per month.
But since The Ministry of Economy ruled out a tightening of restrictions and estimated that the exchange market will stabilize when the debt swap concludes, early next month.
“The contradictions of the Government regarding the saving dollar do nothing more than stimulate the purchase in the ‘blue’ and alternative (market). Believing that the purchase of the saving dollar will continue the fall of reserves when there is no pressure for the liquidation of agro-exports is seeing reality in a partial way, “said economist Gabriel Monzón.
In today’s session, the North American currency showed a somewhat weaker trend than in previous days, as a result of an improvement in the flow of genuine supply. Prices once again fluctuated within the fluctuation range determined by official regulation.
The maximums, recorded at $ 73.40, again coincided with the upper limit of the trading band set by the Central Bank and remained at that level during most of the session. The fluidity of private income allowed a supply of purchase orders without the need for official intervention. On the contrary, the monetary authority formalized purchase operations, absorbing the available surplus while defending today’s lows of $ 73.39.
The volume traded in the cash segment amounted to US $ 183,876 million, while Private market sources estimated that the positive balance of the BCRA was in the order of US $ 30 million, approximately.
The inactivity of Monday, in this way, did not translate into a significant increase in the volume traded in the market, which today returned to below US $ 200 million, a daily average that contrasts with the best records of the previous year.
“The BCRA extends the validation of a constant and gradual wholesale slippage, amid versions of future exchange decisions. Despite this, financial dollars respond more calmly, after testing $ 130, waiting for economic signals that allow us to anticipate how the renewed pressures on reserves will finally be managed, “said economist Gustavo Ber.
From Invecq, they highlighted that “the loss of international reserves continues to be one of the most relevant concerns of the Government (…) In the first week of August, the sale was for a total of US $ 477 million, accelerating the speed of sales. in relation to the same period of the immediately preceding month “.
“This dangerous dynamic of loss of reserves worries the authorities of the BCRA and some modification in the access to the 200 dollars a month of savings is being analyzed,” he added.
Stock dollar
Exchange rates registered new increases at the beginning of the week after the Government presented its revised offer of bond restructuring to the United States Securities and Exchange Commission (SEC, for its acronym in English) and confirmed that creditors they have until August 28 to approve the deal.
The CCL -which arises from the purchase and sale of bonds or shares on the stock market- rises 1.4% to $ 128.52, for which the spread with the wholesale price is 75%.
At the same time, the MEP dollar, or Stock Market -similar operation to that of the CCL but within the country- rises 0.9% to $ 125.28, with which the gap with the official is located at 70.7%.
Blue Dollar
The blue dollar closed stable at $ 132, according to a survey conducted by Ámbito in caves in the downtown area of Buenos Aires, so the gap with the official dollar remained below 80%.
The distance between the two prices is at 79.8%, after touching 95% at the end of July, and reaching a maximum of 104% in mid-May.
Since the quarantine began, the blue has accumulated an increase of $ 47.50 (from the $ 85.50 on March 20), a product, among other causes, of greater restrictions, not only in the Single Market and Free of Changes, but also for operations with the CCL dollar and the MEP.
Fees
He Central Bank (BCRA) kept the 38% rate unchanged in an auction of Liquidity Bills (‘Leliq’) 28 days ahead, operators said.
They added that the monetary authority placed $ 286,379 million pesos (about US $ 3,901 million).
Dollar in the world
He The dollar index hit a low not seen in more than two years on Tuesday, as the effects of the current Federal Reserve stimulus program weakened the greenback for the fifth straight session and propelled US stock indices to record highs.
Although the dollar often functions as a safe haven investment in times of crisis, it has fallen dramatically since the Federal Reserve intervened in financial markets to maintain liquidity amid the coronavirus pandemic.
Fed programs have pushed risk assets to record highs and reduced demand for safe havens, despite economic data showing a bleak outlook for the US recovery.
The dollar index fell 0.54% to 92.314, after falling to 92.124, its lowest level since May 2018. Against the euro, the greenback also hit its lowest level since May 2018 at $ 1,197.
Against the Japanese currency, the greenback fell to a two-week low of 105.27 yen per dollar.
“It’s the Fed, it’s all the liquidity that’s pouring into the market,” Greg Anderson, global head of currency strategy at BMO Capital Markets, said of the dollar’s slide.
A further rally in tech stocks provided a positive outlook for the markets and pushed the S&P 500 Index to an all-time high, beating the record set on February 19 and further underscoring the disconnect between the stock market and economic data from U.S.
Anderson noted that the dollar’s weakness on Tuesday was not the result of the release of data, but of a downtrend that has been gaining momentum.
“Once the trend in the US dollar takes hold, it’s like trying to flip an aircraft carrier, it’s difficult to do. And I think the trend is taking hold,” he said.
Futures and reserves
On Friday, in the ROFEX futures market, US $ 701 million were traded. The terms were practically unchanged with increases from January 2021. August ended with a rate of 30.52% and September at 39.59% NRT. End of the year at $ 85.71 with a TNA of 45.05%. Open contract positions totaled $ 4,609 million.
Meanwhile, Bookings Gross International accelerated their downward trend and contracted US $ 84 million to end the day at US $ 43,124 million.
–
