The market reacted pessimistically the electoral setback of Lla advance in PBA at the hands of Peronism and sees fragility in the exchange scheme.
The dollar He rises again on Tuesday to $ 1,421 in the wholesale segment, and is consolidated above $ 1,430 in the Nation Bank (BNA) After suffering a strong bullish pressure on the previous day when The market brought at prices the electoral defeat of La Libertad advances in the legislative elections in the province of Buenos Aires at the hands of Patria Force.
He official dollar operates $ 1,383.92 for purchase and $ 1,436.70 For sale In the average of the financial institutions published by the Central Bank (BCRA). Meanwhile, in the BNA, the ticket is traded at $ 1,375 for purchase and $ 1,435 for sale.
He dollar Blue is sold to $ 1,395according to a survey of Scope in the City caves. Within the types of stock exchange: The MEP dollar quotes at $ 1,432.63 And the gap against the wholesaler is 0.8%, while the dollar counted with liquidation (CCL) operates at $ 1,442.71so the gap is 1.5%.
Future dollar contracts operate in their entirety. The “Pricea” market that the wholesale exchange rate at the end of September will be $ 1,446.5 and that in December will reach $ 1,605, which exceeds the band’s roof.
“The model was left without a gasoline before the elections”
The director of Economy of Fundar, Guido Zackhe pointed to Scope that it was evident that there would be exchange tension after the elections in PBA, since although the government “falls good to the market” for “taking the Argentina to a fiscal balance, or something that is like “, He did not accumulate reservations in his intention for containing the exchange rate prior to the electoral instance.
The specialist also remarked that “The model was left without a gasoline before the elections” For several reasons, including the exit of the stocks with a low exchange rate and the united errors such as the elimination of the Lefis and the consequent loss of reference of the interest rate “by the roller coaster in which it entered.”
“Besides, He released a lot of pesos that, in the face of this volatility of fees, did not know where to go and the natural refuge in an electoral year was the dollarthis is already added corruption cases, “he said.
On the other hand, Zack said that the problem is that the government bet everything on a good electoral result, without accumulating reservations, but that Electoral defeat generated a country jump and further complicated Argentina’s position when facing the next expiration of important debt in January next year.
The market reacted adversely to PBA elections
In that line, the group chief economist SBS Juan Manuel Franco He said: the market adversely reacted to the results of the legislative of the PBA, with 16.4% falls for the Merval in CCL and 8% average for Bonds in dollars New York Law. The dollar rose 4%, but remained inside the band, while the dollar futures rose throughout the curve “.
For the expert, the situation is “very challenging” for the Government, which “must face costs whatever the direction it takes, and must administer them.” For the City, It will be key to follow the dynamics of the dollar and see what the government does if the price presses on the band’s roof. “While there are liquid reserves in the BCRA to deal with pressures, net reserves are negative, since the liquids were leveraged by the IMF loan,” Franco completed.
Source: Ambito
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