After the overwhelming electoral defeat of La Libertad advances at the hands of Homeland in the Legislative elections of the Province of Buenos Aires (PBA), The dollar wholesaler exceeded the barrier of $ 1,400 and reached a new historical nominal maximum.
He Wholesale dollarwhich is a reference in the market, rose $ 54 and closed to $ 1,409, 4% more than last Friday and was only 4.3% of the band’s roof. The volume operated in the counted segment reached US $ 452.7 million, without official intervention in the spot.
In turn, the Retail official dollar closed to $ 1,435.17 for sale, an increase of 4.9% above Friday’s closure, according to the average financial entities that the Central Bank (BCRA). In it Nation Bank (BNA) He closed the day to $ 1,425 for sale.
For its part, the Blue dollar It operates $ 1,420 in the City Porteña caves. Financially, the dollar counted with liquidation (CCL) climbed 3.5% at $ 1,439.27 and the MEP dollar It did 3.7% at $ 1,434.92.
Future dollar contracts closed upwards. The “Pricea” market that the wholesale exchange rate at the end of September will be $ 1,438 and that in December will reach $ 1,580, which exceeds the band’s roof. In total, about US $ 1,345 million were operated in the day.
Market analysis after PBA elections
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“
The economist Noelia Abbate pointed to Scope that as the results were known last Sunday, the Crypto dollar It was giving an indication of what the openings of this Monday would be, where the retail dollar came to quote up to $ 1,480 around noon.
After the president Javier Milei confirm that it would not modify the economic course, Abbate understands that “It would not be very prudent to have high intervention levels for a prolonged periodin a context of vulnerability of reserves, to sustain an exchange rate that does not support the market, and only with electoral motifs. “
Also, the economist Pedro Martínez Gerber of PXQsaid a Scope that the electoral result was worse to the expected on the base stage of the market, and that until October “we will see more pressure on the exchange rate.”
In that line, he recalled that the Treasury has about US $ 1 billion to intervene before the band’s ceiling, as he did last week, and that the BCRA would only do so with the sale of currency in the roof of the band, as the agreement with the agreement with the International Monetary Fund (IMF). “While it has the dollars from the IMF disbursement, it would not be good news if we see it selling them in the market to contain the exchange rate,” he said.
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.
Source: Ambito
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