It is worth remembering that the CCL recently recovered $25 in one week of the more than $40 it had lost between the end of January and the beginning of April. However, from there it had two days of declines, followed by two days of growth. The performance of this wheel again prevents us from seeing a clear price trend.
For its part, the MEP -also valued with the Global 2030- fell 0.9% to $206.75taking the gap to 79.1%.
The search for coverage in dollars was accelerated by several issues, including high inflation that delays nominal variables, doubts about meeting the goals with the International Monetary Fund (IMF) and internal disputes within the ruling party.
“The discussion about a potential breach of some of the goals agreed with the IMF is here to stay, and could intensify given the proximity of the review of the agreement,” said Paula Gándara, from Adcap Asset Management.
This uncertainty comes after a poor April in terms of reserve accumulation, and a primary fiscal deficit that complied with what was agreed with the multilateral credit organization in the first quarter, but only due to an accounting “gimmick” in the form of record income from public debt issues in pesos.
At the same time, the constant crossings of the referents of La Cámpora with different members of the Cabinet of Alberto Fernández, fundamentally with the Minister of Economy Martín Guzmán, also bring noise to the markets.
To this is added the global inflationary pressure and the general context of risk aversion due to the war in Ukraine, the resurgence of Covid-19 in China and the rise in rates in the US.
official dollar
The wholesale dollar rose 14 cents this Tuesday to end at $115.87 a day highlighted by new net purchases by the BCRA in the official foreign exchange market.
For the second consecutive week the rate of devaluation seems to slow down. Last month, the entity led by Miguel Pesce validated a 3.9% ($4.30) rise in the dollar, the highest since the Frente de Todos government took office. Even so, the “crawling peg” continues to run behind inflation that will remain above 5% in April, according to private estimates.
Meanwhile, the monetary authority closed its intervention with a positive balance of US$50 million, which was added to the US$190 million on Monday. In this way, the result of the first two days of May already exceeded everything accumulated in April.
“The improvement registered in the supply of foreign currency generated a new positive scenario for official activity that in the first two days of the month was about to break the best record so far in 2022 registered in March,” said Gustavo Quintana, from PR Exchange Brokers.
For his part, Lucas Yatche, Head of Strategy and Investments at Liebre Capital, warned that “reserves are a critical variable assuming the goals with the IMF for the second quarter, in a context where the demand for dollars by importers and the tourism deficit grows”.
The retail dollar -without taxes- increased 36 cents to $121.33 for sale, according to the average in the main banks of the financial system, while in Banco Nación the note remains unchanged at $120.25 for sale .
Thusthe savings dollar or solidarity dollar -which includes 30% of the PAÍS tax and 35% deductible from profits- exceeded $200 for the first time, climbing 59 cents and positioning itself exactly at $200.19 on average.
The The blue dollar registered its second consecutive rise this Tuesday, May 3, according to a survey of Ámbito in the Black Market of Currencies. In this way, the gap with the “contado con liqui” (CCL) was reduced to $5, which in this session fell to $208.60.
The informal dollar climbed $2.50 and closed the day at $203.50, after it was sold at $204.50 at the beginning of the session. On Monday it had bounced another 50 cents, after falling $12 in the final days of last week.
With everything, the gap with the official wholesale dollar widened to 75.6%.
Source: Ambito
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