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Sunday, November 27, 2022

The CCL jumped $10 and was within shot of the Qatar dollar

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In turn, the MEP dollar rose $4.89 (1.6%) to $313.87, its highest value since the end of July. Consequently, the spread with the official reached 92.7%.

In the informal market, on the other hand, the blue dollar stopped its upward climb and fell $1 to $307, from its highest value in three and a half months.

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During the day, rumors emerged on social networks about a possible resignation of the Secretary of Economic Programming, Gabriel Rubinstein. The same official – number two on the team of the Minister of Economy, Sergio Massa – was in charge of denying this “fake” news on his own Twitter account.

“Financial exchange rates continue to recover ground in the face of inflation and the yield of interest rate placements, pushed by the perception of a certain relative backwardness and an increase in liquidity in the market due to the acceleration of the purchases of bonds in pesos of the BCRA ($210,000 million in the last 30 days)”, commented from Delphos Investment.

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Beyond the fact that this Wednesday it ended a streak of 13 consecutive days with sales (and extended the respite yesterday with a daily purchase of US$3 million), the BCRA accumulated in November a drain of dollars of more than US$900 million.

“Concerns about the dynamics of net reserves remain at the center of the scene, and so new measures on the supply and demand of foreign currency are expected in the short term in search of achieving a better balance in the exchange balance,” he said. an operator.

In this framework, more and more investors seem inclined to close bets in the carry trade, and move towards greater coverage after the accumulated delay in the midst of a climate of high inflation, they say at the tables.

“Even after the recent movements of the CCL, we assume that if the Central Bank’s strategy of trying to avoid accelerating the official exchange rate through exchange restrictions is maintained, financial dollars should advance at a higher average speed in the coming months, assuming the delay against the rest of the variables and the current gap”, analyzed Lucas Yatche, head of strategy and Investments at Liebre Capital.

The specialist projected that “weeks of extreme volatility are coming, in a framework where Treasury tenders and the level of net reserves will play a fundamental role in the movements of the different exchange rates.”

The Government reached a currency swap agreement with China this week to quickly access BCRA liquid reserves, while the International Monetary Fund (IMF) analyzes internal accounting numbers to see the level of compliance with the commitments assumed for the third quarter of the year.

Dollar in the world and the region

As in Argentina, in the region, the currencies operated with significant losses, in the midst of an advance in the dollar due to doubts about a decline in inflation in the United States in light of the latest economic data.

The dollar has fallen in recent weeks as inflation data and comments from Federal Reserve officials suggested the central bank may soon slow the pace of its interest rate hikes.

However, the dollar rose yesterday after stronger-than-expected US retail sales data for October, released on Wednesday. The US currency climbed around 0.7% against a basket of six currencies that make up the dollar index.

In Latin America, the losses were led by the Chilean peso, which fell 1.49%, to 922.20/922.50 per dollar, further pressured by a sharp drop in the price of copper, the country’s main export. In turn, the Brazilian real depreciated 0.96%, to 5.4524 units per dollar, after the incoming government of President-elect Luiz Inácio Lula da Silva proposed to exempt some 175,000 million reais ($32,000 million ) of the spending limit for the coming year to pay for social programs.

Source: Ambito

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