The wholesale exchange rate moves away from the ceiling of the band. The day before, the US Treasury sold up to US$500 million.
The pressure on the dollar takes a break this Thursdayin the penultimate round before legislative elections on Sunday the 26th. The wholesale exchange rate operates downwards after on Wednesday US Treasury will carry out its largest intervention in the Argentine exchange market, which in the city is estimated to be around US$500 million.
He wholesaler sells for $1,484that is, $5 below Wednesday’s close and $8 below the ceiling of the float band, which today stands at $1,492.05.
Thus, the retail dollar accompanies the movement and falls to $1,465.41 for the purchase and $1,519.46 in the average of financial entities prepared by the Central Bank (BCRA). In it Banco Nación (BNA) makes it $1,455 for the purchase and $1,505 for sale.
In the informal market, the blue dollar operates at $1,520 for purchase and $1,540 for saleaccording to the operators of the city of Buenos Aires consulted by Scope.
For their part, the financial dollars They are also trading less pressured this Thursday. In the previous rounds they had staged a strong rally that led to the cash with settlement (CCL) to exceed $1,600. Now, both the MEP like the CCL gave up 1.3% to $1,572.06 already $1,590.42respectively.
Future dollar contracts operate with generalized declines. The market “prices” that the wholesale exchange rate at the end of October will be $1,486, and that In December it will reach $1,577.
The dollar and intervention of “Uncle Scott”
The truth is that the Argentine exchange market has been under pressure for many weeks. The market is hedged against the expectation of a possible post-election devaluation, which the Government insistently denies.
Thus, there was a strong dollarization of portfolios, which was not contained even with the bailout announcements of the government of donald trump nor with the direct intervention of the US Treasury. As a result, the wholesale dollar once again tested the band’s ceiling in recent days.
To contain the escalation and prevent the BCRA from draining reserves in greater quantities (on Tuesday it sold US$45.5 million), “Uncle Scott” (as the US Treasury Secretary is called in the city) Scott Bessent) accelerated his intervention. According to the agency Bloomberg and Scope was able to corroborate with market sources, last Wednesday it turned between US$400 and US$500 million to the Single and Free Exchange Market (MULC).
This Thursday, the Minister of Economy, Luis Caputoassured in television statements that there will be no exchange rate jump after the legislative elections. “Nothing happens on Monday,” he said.
Source: Ambito
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