While, the MEP -also valued with the Global 2030- fell 0.2% to $207.96so the spread with the wholesale dollar fell to 81.3%.
It is worth remembering that last week stock exchange rates accumulated rebounds of up to $18 (9%), and they recovered part of the more than $40 they had lost between the end of January (when the government announced the beginning of an understanding with the IMF) and the beginning of April.
Thus, “carry trade” operations (which consisted of taking advantage of the yields on securities in pesos, fundamentally those indexed to inflation, in order to later buy cheaper dollars) seem to have lost their appeal.
For its part, Adcap Financial Group recommended in dialogue with Ámbito to close the trade, fundamentally due to the fragility of the BCRA in terms of foreign exchange accumulation, in the middle of the soybean and corn harvest season.
“After the jump in the CCL seen last week, we believe that the gap can continue to rise but perhaps with less momentum as it will have to compete against the high yield of inflation-linked bonds”estimated the entity.
The scant accumulation of reserves by the monetary authority is added to the pressure of inflation on the nominal value of the exchange rate and doubts about meeting the goals with the IMF as factors that explain the change in trend of the “greenback”.
It is worth mentioning that last week the Ministry of Economy reported that in the first quarter the fiscal deficit goal set forth in the extended facilities agreement with the multilateral credit organization was exceeded, although specialists warned that this would not have been achieved without a “gimmick ” in the way of accounting for income from debt issuance in pesos.
Likewise, the Government announced new bonds for the sectors most affected by the inflationary acceleration, whose financing is still uncertain.
Given this scenario, the Minister of Economy, Martín Guzmán, assured that the goals of the new program agreed with the Fund will not be modified, after meeting on Friday with the head of the institution, Kristalina Georgieva.
official dollar
After validating the largest weekly devaluation since October 2020, the BCRA compensated for the inactivity on Saturday and Sunday in the foreign exchange market and allowed an adjustment of the wholesale dollar of 45 cents. Thus, the official price ended this Monday at $114.68.
The supply of foreign currency was positioned in a dominant way, attending to the authorized demand with fluidity, generating an excess that, as always, was absorbed by the Central Bank’s purchases.
In this framework, the exchange authority was able to end its intervention with a positive balance of US$40 million.s, for which the result for the month amounts to about US$215 million, a result that was expected to be higher at this time of year, when the income from the harvest usually helps the organization that Miguel Pesce currently directs.
“Beyond the trend of a higher rate of crawling-peg, the attention of operators is focused on the objective of accumulating reserves, especially in this second quarter of greater seasonality in the supply of foreign currency. The largest concerns, caused by the external climate together with the internal one, are reflected in the recent rebound of financial dollars that suddenly woke up,” said economist Gustavo Ber.
For its part, the retail dollar -without taxes- increased nine cents to $119.78, according to the average in the main banks of the financial system. In turn, the retail value of the ticket at Banco Nación closed unchanged at $119.50.
The solidarity dollar -which includes 30% of the PAÍS tax and 35% deductible from profits- grew 15 cents to $197.64 on average.
the blue dollar rose this Monday for the fifth consecutive day after crowning last week its biggest rise in three months, according to a survey of Ámbito in the Black Market of Currencies.
The Casual Dollar rose $2.50 to $205.50 and reached a nominal maximum of 8 weeks, with which the gap with the wholesaler stood at 79.2%.
Source: Ambito
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