After the bullish rally of the last days, the dollar It seems to take a break this Thursday. The official wholesale price yields slightly after accumulating an advance of 7.5% in the last eight wheels. The markets of the exchange rate market falls down.
He Wholesale dollar yield $ 4.50 to the $ 1,224.50 After touched This Wednesday a new nominal record From the debut of flotation bands.
The rise occurred in an expected context greater demand for currency at the beginning of the second semesterenhanced after the US bank report JP Morgan which suggested taking profits and getting out of bets to “Carry Trade”. Anyway, the bull pressure caught the attention since In the first weeks of July, agriculture must liquidate an important currency remnant corresponding to the sworn statements of foreign sales (DJVE) registered during the last days of the decline in withholdings for soybeans, corn and other grains.
In the dollar futures market there is also a respite This Thursday. Contracts operate with casualties between 0.2% and 0.4%, after chaining considerable rises on the last wheels in the face of greater coverage. For December, the “Price” market now $ 1,411 per dollar, far from $ 1,229 which included the government in the Advance of the 2026 Budget Project.
The Blue dollar remains stable at $ 1,240 and the financial ones quote down around $ 1,230 the MEP and $ 1,232 the CCL.
Why does the official dollar go up?
In recent days, the unfavorable ruling of the American judge Loretta Preska against the Argentine State for the oil company YPF directly hit the currency market. There, it was ordered Transfer 51% of YPF national actions to the beneficiary vulture funds of the country’s ruling for nationalization of the oil company, carried out in 2012 by the then Minister of Economy, Axel Kiciloff.
The Government already appealed the ruling and requested the suspension of the decision until the review chamber is issued on the substantive issue.
In addition to YPF failureeconomist Gustavo Ber said that the “Greater demand for bonus, financial commitments and eventually some tactical closures of bets towards the ‘Carry'”.
The financial analyst, Christian Buteralso noted that the vacation applicant was a constant during this year – for the cheap dollar and the excess of Argentines who travel abroad – and also said that, in her opinion, “there began to be a disarmament of meat product of the report of JP Morgan“
The volumes operated in the market are still high despite the total restitution of the withholdings for the main crops. On Wednesday the volume operated in the cash segment was US $ 413,658 million and in the futures market, US $ 1,251 million were negotiated.
The currency offer is expected to be reduced in the market product of the restitution of the withholdings at least until the middle of the month, since they had affirmed statements to take advantage of the tax decline.
Source: Ambito
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