After the hard setback that suffered that the national government, some banks already offer the foreign currency well above the value of Friday.
After the overwhelming electoral defeat of the La Libertad advances at the hands of strength Homeland in the Legislative elections of the Province of Buenos Aires, The dollar Wholesaler far exceeded the barrier of $ 1,400 and reached a new historical nominal maximum.
He Wholesale dollarwhich is reference in the market, operates at $ 1,404, 3.6% more than the last business day last week and is located only 4.7% of the band’s roof.
In turn, the Retail official dollar It is sold at $ 1,454.5, an increase of 4.9% above Friday’s closure, according to the average of financial entities that the Central Bank (BCRA). On a retail level, banks Galicia, Macro, Patagonia and Piano They sell it $ 1,460, while the Nation Bank (BNA) It does it at $ 1,440.
For its part, the Blue dollar It operates $ 1,420 in the City Porteña caves. Financially, the dollar counted with liquidation (CCL) climb 3.2% at $ 1,434.7 and MEP dollar It does it 2.9% to $ 1,423.6.
Future dollar contracts operate in their entirety. The “Price” market that the wholesale exchange rate at the end of September will be $ 1,435 and that in December will reach $ 1,580, which exceeds the band’s roof.
Market analysis
From Cohen financial allies They stated that “the government prioritized exchange stability to the detriment of economic activity and the accumulation of reservesthat they still do not show recovery signs. “And they advanced that the agenda of the week” will be marked by The reaction of the markets after the electoral result, the tender of the Treasury on Wednesday and the publication of the National CPI in August“
“For the exchange rate, with a ceiling of the exchange band at $ 1,469.2, our fair valuation considering electoral risks would be $ 1,510 to $ 1,550”they speculated on this day from Max Capital. “The Government will need to use reservations to contain the pressure waiting for better results in October, adjust the exchange bands, or reimpose restrictions, generating a exchange gap,” they added.
The consultant 1816one of the first to go out to issue his forecasts after the result of the elections in PBA, said that according to the official data of the treasure dollars in the BCRA, In recent days there were sales operations for more than US $ 500 millionwith interventions that accelerated between Tuesday and Friday of last week. Even so, towards the closing of Friday, the treasure accounts would barely add some US $ 1,130 million available.
On the other hand, the economic team has the BCRA FIRE POWERwith liquid reserves close to U $20,000 millionalthough with nuances: yuan, gold or Deg are not included. The key will be the political decision of the government regarding or not the ceiling of the exchange band in the next seven weeks. In fact, according to the current scheme, The central could start selling dollars at $ 1,470 levels.
Source: Ambito
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