For the third consecutive day the cion rate remained at very high levels and closed in 80% TNA. What reading does the City.
Since the Government modified the policies of Lacesthe peso market had A strong impact on ratesbut more specifically in stockcats that, in the last three days, It touched very high levels But in particular this Wednesday with a detail that distinguished it from the previous days: It did not collapse to the closure.
On Monday the quarry rate at one day came to play 65% TNA but at the end it ended below 2%. On Tuesday the dynamic was similar. What happened was that the banks began to close the box earlier and stopped demanding funds, which generated a excess liquidity momentary that collapsed the rates.
However, this Wednesday, The dynamics changed And it is that a new player appeared on stage: Speculation. From the City, different operators, they began to warn that A movement in the markets is being generated that seeks to win intradiarially operating exposing taking advantage of the volatility in the rates.
Suppose an inverter lends money through an early stockcare in the day with a rate of 40% TNA, operating leverage. Later, near the closure of the market (after 16), there is so much liquidity in the system that the rate low a lot, for example at 10% TNA. Then, the investor requested 10% that same money that previously placed 40%. The result is simple: it gains the difference between those rates without risk, practically without doing anything.
As the BCRA took into account that Speculation was going to enter the scene to run to the banks of the Caión wheel. As explained by Nicolás Cappella, from Grupo IEB, The central was planted early in the repo rate around 38% and ran it up to 42%. “The message was clear: today the 1%bond was not going to be, because if the banks wanted to place pesos, the BCRA took them to 38%,” he explained.
The immediate effect was that The entities ended up placing pesos in the central instead of going to the Caión market. However, as mentioned, many operators speculated that the dynamics of previous days would be repeated and waited until the end of the wheel. “That caused the caution to fly and had peaks of up to 150% intradiario, with minimum of 26% at the beginning and a closure in the 80% zone”Cappella closed.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
