“After having managed to close 20 consecutive rounds with a positive or neutral balance, the Central Bank sold almost 300 million dollars on October 29. Given that it had bought approximately US $ 500 million in the month, October ended with a positive net balance,” he said. in a report the consulting firm ADCAP.
The report noted that “the market also saw a higher volume of bond sales by the BCRA” in the order of 15 to 20 million dollars a day. “However, in recent days we are talking about a volume closer to US $ 25 million a day,” ADCAP warned.
Last week the official exchange rate and the CCL devalued 0.33% and 2.52% to $ 99.72 and $ 207 per dollar, respectively, widening the gap to more than 100%.
Thus, the report indicated that “the implicit devaluation in Rofex futures rates peaks in the four months at almost 6 percent, and then falls to 3 percent for the next 11 months”, recalling that “the same data were at 3.5% and 2.6% at the beginning of August, respectively. “
“With the elections approaching, the gap exceeds 100% and devaluation expectations rewarm, which continue to fuel the demand for assets that adjust for the dollar and are already trading at historic lows,” the report said.
The work argues that “in the Common Investment Fund (FCI) industry, the” dollar linked “asset class received positive subscriptions consistently since September, however, it still has -9 percent lost in the year and represents the 6 percent of the industry. “
On Friday, the dollar advanced eight cents to $ 105.23 -without taxes-, according to the average of the main banks in the financial system, in a context of marked upward pressure for the “unregulated” versions of the currency. In turn, the retail value of the US dollar remains at $ 105 at Banco Nación.
The Central Bank sold US $ 290 million on the last day of the week, a record since October 25, 2019. The monetary authority explained that there was a “strong demand from importers and for hedging training.” Even so, the entity led by Miguel Ángel Pesce closed its best October in a decade in terms of accumulating foreign currency by acquiring, in net terms, US $ 207 million.
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