The CCL advanced 1.6% to $462.32 and the MEP rose 2.6% to $449.02. The blue jumped $20 (4.5%) and surpassed $460 for the first time.
Far from appeasing, the exchange rate tension had a new chapter at the beginning of the last week of April. The financial dollar scored its eighth consecutive rise yesterday after threatening to stop in the first part of the day, something that was far from the dynamics of the blue, which jumped another $20 and exceeded $460 for the first time.
Despite the intervention of the Government to stop the escalation -according to market sources-, the cash with settlement (CCL) -operated with the GD30 bond- advanced $7.24 (1.6%) to $462.32, after lowering and punch the $450 at the start of the wheel. Thus, the gap with the official reached 110%, a level not seen since last September (114.5%). For its part, the MEP or Stock Market dollar -operated with the GD30 bond- increased $11.27 (2.6%) to $449.02. Thus, the gap with the wholesaler reached 103.9%.
In the informal market, meanwhile, the blue dollar accelerated its bullish momentum, climbing another $20 (4.5%) to the unprecedented $462, after reaching an intraday maximum of $465. The exchange rate gap against the official widened to 109.8%. eight month maximum. Since it began its bullish rally, almost two weeks ago, the blue accumulated a jump of $71 (18.2%) to surpass the price of the Qatar dollar ($453.88) for the first time on Monday.
For now, the complex and uncertain economic and political outlook is maintaining pressure on the price of the blue and financial institutions in the face of hedging in hard currency. “What is happening is a search for coverage against rumors and possible news that may come in the exchange market and so the blue is taking a little note, the MEP and the CCL are also trying to protect themselves,” commented analyst Salvador Vitelli. “The Argentine market in the face of uncertainty prefers certainty and that refuge is provided by the dollar,” said Vitelli.
From Investing in the Stock Market (IEB) they indicated that financial dollars “presented a certain delay compared to the rest of the macroeconomic variables and finally the inflation data for the month of March was what triggered the increase in demand to obtain coverage to the CCL”.
According to calculations by the economist Fernando Marull, the blue at $462 “is equal to the ‘Duhalde dollar’ (the $4 of 2002, adjusted for inflation, today is $466).” But it is still “below the covid dollar of $680 of October 2020, the ‘Guzmán dollar’, of $540, of July 2022, or the ‘convertibility dollar, of $510’.” In other words, the current values are nominal records, but they remain far from the values of the last crises in real terms.
According to market sources, the gap could hit a momentary ceiling of 120%, from the current 110%. They project that only in the first days of May could the price of blue loosen “before a greater offer for the payment of salaries or cancellation of expenses.”
Source: Ambito
