The pressure on the dollar took a break this Thursdayin the penultimate round before legislative elections on Sunday the 26thin the face of an alleged intervention by the US Treasury in the exchange market, after on Wednesday the US Treasury will already carry out one close to US$500 million.
He wholesale closed at $1,479That is, $10 below Wednesday’s close and $13 below the ceiling of the float band, which today stands at $1,492.05.
Thus, the retail dollar accompanied the movement and fell to $1,464.36 for the purchase and $1,518.07 for sale in the average of financial entities prepared by the Central Bank (BCRA). In it Banco Nación (BNA) he made it at $1,455 for the purchase and $1,505 for sale.
In the informal market, the blue dollar operates at $1,500 for purchase and $1,520 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, the CCL gives up 3.3% to $1,558.88 and the MEP does it 3.3% to $1,539.84.
The executive director of Proficio, Rafael Di Giornohe assured Scope that last Wednesday, Once the CCL dollar passed $1,600, there were some operators who began to “switch to pesos”, something that brought calm to the price..
At the same time, he highlighted the rise in some indicators, such as Consumer Confidence Indexof 6.3% monthly in October, and the improvement in voting intention for the ruling partyas well as other factors that appeased the desires of investors.
Future dollar contracts closed with general declines. The market “prices” that the wholesale exchange rate at the end of October will be $1,479, and that In December it will reach $1,570.
The dollar and intervention of “Uncle Scott”
The Argentine exchange market has been under pressure for many weeks. The market is hedged against the expectation of an eventual post-election devaluation, which The Government insistently denies.
For this reason, the strong dollarization of portfolios 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 Caputostated in television statements that there will not be an exchange rate jump after the legislative elections. “Nothing happens on Monday,” he slipped.
Source: Ambito
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