The exchange crisis deepens every day: with the dollar on the roof of the band, the second intervention reached US $ 379 million.
The dollar operated again on the upper threshold of the band and the Central Bank for the second consecutive day went out to intervene with sales in the Mulc. On Wednesday it came from US $ 53 million since April and, On this occasion, that figure rose significantly and exceeded three digits: the BCRA sold US $ 379 million, the highest value in five months. The parallels, meanwhile, are strongly emphasized above $ 1,500.
Thus, the wholesaler What is market reference ended in $ 1,474.5in the top of the upper band. In turn, The dollar Bank Nation It was achieved to $ 1,495while the Crypto dollar It rose to $ 1,542.90 at the end of the wheel, according to the average coimmonitor. The retail exchange rate published by the BCRA closed the day at $ 1,509.37.
Within that framework, the MEP It also accelerated the rise again, this time advancing 2.7% to $ 1,536.50. For its part, the CCL amounted to 2.8% and already touches the $ 1564.10. He Blueit operated a little below the financial ones, and was achieved in the day to $ 1,510. And the dollar card He approached $ 2,000 more, since he operated $ 1,943.50.
Market sources assured that The volume operated in the cash segment was US $ 590,166 million and in futures, US $ 1,255 million. “In this sense, gross reserves backed $ 70 million up to US $ 39,407 million. Acceleration in sales dynamics, with 25 wheels on the horizon to elections, generate doubt in investors about new measures,” they explained from PPI.
As for future dollar contracts, they remained equally pressured as in the previous wheels“With a BCRA that seems to have run from the September contract, concentrating much of the intervention in the long stretch contracts, standing out again Strong sales in May 2026, which presented an increase in open interest of 142,000 contracts“, specified on this day from ADCAP.
And they added that in terms of activity, A higher level of volume operated with respect to the last wheels was observed, explained largely due to the BCRA interventions along the curve. “This was also reflected in the open interest, which showed a 5%jump,” they concluded.
Why the market doubts the continuity of the bands
The band system that saw the light in the first weeks of April seems to be exhausted. Is that the demand for dollars became exacerbated when several situations overlap: on the one hand, Slipping elimination of the Lefis that brought a huge volatility in the rates, on the other an early liquidation of the thick harvest earlier than foreseen by the transitory nature of the decrease in retentions (so the currency offer decreased).
The final blow came with the Government defeat in legislativewhich accelerated the pressures on the exchange rate and forced the BCRA to act earlier than expected. In fact The market had already seen the administration of Luis Caputo with bad eyes when he decided to intervene inside the bands through the treasure in the prior to elections in Buenos Aires territory. This currency detachments, at times where they lurk bulky maturities, also triggered the country risk.
In dialogue with Scopethe economist Federico Machado, of Open economyhe reviewed what he observed these last days: “I think we are seeing these days the expected consequence of the tremendous electoral defeat that the Government had last week and also the weakness shown by the ruling party in Congress yesterday. This crystallized in a political weakness that makes the exchange scheme and the economic program lose a lot of credibility. “
This loss of credibility, according to this expert, leads to the current scheme to crisis because it is perceived that “the country risk will not go down, then the debt will not be able to” work “, then The only way to pay will be buying dollars in the market. If that happens, The upper band will not be able to be sustained because the current market demand has to add a treasure demand for around US $ 7000 million here to January“
But this look that a political crisis brought a distrust of the exchange scheme is also shared by other voices. “How does the government of this crossroads come out? With silver or politics. The problem is that the silver you need is green. Will you get a rabbit from the galley? Could you receive extra support from the ‘friend’ Trump? We will see. Some specialized journalists brought this topic to the table during yesterday. Only unfounded rumors or does something in particular do? We don’t know. All this leaves us on a little fertile field so that local financial assets can get on the train of joy “global, they pointed out from Delphos Investment.
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.
