The exchange market crosses moments of definition, six weeks after October legislative elections. He Official dollar went up Monday by sixth consecutive wheel and closed to only 0.4% of the band’s roof, in a climate of growing uncertainty between investors for the political and economic direction of the government. For its part, at the Nation Bank the retail ticket closed to $ 1,475, while the CCL ended up from $ 1,500.
In the first operations on Monday, September 15, The Central Bank (BCRA) went out to mark the court on the market with sales orders and put a ceiling at the exchange rate at $ 1,473.50, with approximately US $ 100 millionaccording to sources from the City.
When the price of the currency touched the $ 1,470 in the first part of the day, some of Genunia offer from the private sector, And the exchange rate came to drill the $ 1,460. However, towards the closure, the demand and the wholesaler closed in the $1,467alone $ 6.40 of the upper roof of the band. The volume operated in the cash segment was US $ 441.5 million, above the US $ 388.6 million last Friday.
“Nothing was operated in the band, and the reality is that Offer always appeared below the price, but the market is getting closer and more to test the band. It will be key to see what happens if it happens,” They pointed out from the market.
Last week, the director of the BCRA, Federico Furiasehe stressed: “Why should we announce that there are U $ 6,000 million If we already announce that on the roof of the band there are U $ 22,000 million? That some do not believe is not something that depends on us. They will only check it if they test it“
The International gross reserves U $ 461 million sank to complete the wheel in the U $ 39,848 millionits lowest value since July 31. At the same time, they pierced US $ 240,000 million for the first time so far in September.
Official sources told Scope that there were debt payments to the Inter -American Development Bank (IDB) and the International Bank for Reconstruction and Development (BIRF) for US $ 271 million YU $ 112 million, respectively.
On the other hand, the annual nominal rate Tamarfor the fixed wholesale deadlines extended its bearish trend, by retreating from 52.5% to 47.69% (From 67.08% to 59.55% in effective terms).
CCL dollar crossed the $ 1,500 line after CNV restrictions at Alycs
In the bag, meanwhile, the CCL jumped almost $ 20 (+1.3%) and closed to $ 1,500.53, while the MEP advanced $ 19.60 (+1.3%) to $ 1,488.06, which extended to 2.3%and 1.4%, respectively. In turn, Blue advanced $ 30 to the $ 1,455.
The strong rise of the parallels took place after the last minute of Friday, The National Securities Commission (CNV) will launch circular to eliminate a ruling made by the Alycs, and limit purchase of dollarized assets leverage with ciones in pesos.
“Our reading is that the Government seeks to use as many dollars as possible to defend the band and therefore take these regulations, which are closer to the stocks than from a dollar of free flotation,” Nicolás Cappella commented, Sales Trader of Grupo IEB.
According to market sourcesthe volume of MEP and CCL was much lower, since all brockers were adapting to the new interpretive criteria of CNV. Anyway, both exchange rates operate above the spot band ceiling.
Futures above the roof of the band
The exchange pressure does not yield after the defeat of the ruling party in the elections of Buenos Aires, with disagreeing expectations: the future anticipated an exchange rate above the band in October, around the $ 1,544; while the November contract provided for a price of $ 1,586.50.
“The future dollar contracts remained in line with the spot, with a BCRA that was active in the opening selling DLR/SEP25 (seeking to maintain the implicit close to 0% to remove pressure from the spot), although the part -time was withdrawn after ADCAP.
From this broker they stressed that a “market paying disproportionately” was seen, to the point that almost the entire curve ended above the band’s roof. “In terms of activity, the total volume operated was limited, explained largely by a BCRA that was not kept active throughout the wheel. In line, the open interest showed a slight increase of 0.15%,” they added.
Source: Ambito
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