In the bag, andl dollar “counted with liqui” (CCL) -operated with the Global 2030- fell 3% to $272.67, after touching $285 on Monday, its historical nominal record. Thus, the gap with the wholesale exchange rate falls to 116.1%.
Meanwhile, the MEP dollar -also valued with the Global 2030- fell 2.9% to $264.42. Consequently, the spread with the official exchange rate is reduced by 109.5%.
The resignation of Martín Guzmán as head of Economy and the appointment of Silvina Batakis as head of the portfolio, created a climate of uncertainty in the last hours in the financial market.
the heterodox Silvina Batakis She was elected Minister of Economy on Sunday after the untimely resignation of Martín Guzmán, who left office citing strong opposition to his management by the wing headed by Vice President Cristina Fernández de Kirchner.
The new minister will have to face a inflation of more than 70% per year, a high fiscal deficit and a stagnant economy while maintaining a dialogue with the International Monetary Fund (IMF), with which the country restructured a debt of 44,000 million dollars this year.
Dolar blue
In the midst of a climate of maximum uncertainty after the abrupt changes in the country’s economic leadership, the blue dollar cut initial rise and falls $4 to $257after in the previous round it reached shoot over $40 up to the unprecedented $280, to then moderate the sharp jump to almost half, according to a survey by Ámbito in the Black Market of Currencies.
With great volatility and some bewilderment among the cueveros in the face of a disparity in prices, the parallel dollar jumped $21 (+8.8%) on Monday to the closing record of $260its lowest value throughout the day, after trading between $280 and $267 for much of the session.
The blue dollar had already accumulated an advance of $13 last week, the most important for this period in a year.
official dollar
The dollar today -without taxes- rose $1.38 to $132.07 for sale this Monday, the biggest daily advance since October 2020according to the average in the main entities of the financial system, while at Banco Nación the note rose $1.25 to $131.50 for sale.
Thus, the savings dollar or solidarity dollar -which includes 30% of the PAÍS tax and 35% deductible from Earnings- advanced $2.29 on average to $217.92, amid strong demand from savers, which caused some to collapse. home banking.
And the wholesale dollar, which is directly regulated by the Central Bank, rose 50 cents to $125.95, surpassing the record that is usually validated on Mondays after two non-business days (around 44/50 cents). In this way, the crawling peg was located at a TNA of 56.4%, the highest level in 6 wheels. However, the 5-day moving average closed just below 50%, at 49.9%, as compared to PPI.
The BCRA had to sell almost US$100 million in its intervention to regulate market liquidity and curb the depreciation of the local currency. “There was a lot of demand for solidarity,” confirmed sources from the monetary authority.
The monetary authority had accumulated last week purchases for some US$1.3 billion after a greater restriction on imports.
“There was expectation of an eventual change in strategy, but the BCRA continued with its gradual slide that it had already been applying, which, beyond the acceleration in the pace of the ‘crawling-peg’, continues to run below inflation, which that adds to the pressure on the reserves growing efforts from the future”, commented a specialist.
future dollar
It was in the futures market where he observed greater pressure on the exchange rate. “It was an unprecedented day. Despite the holiday abroad, the volume traded in the futures segment was particularly high”pointed out from PPI.
Some US$1,677 million were traded at ROFEX and some US$399.4 million at MAEtotaling US$2,076.4 million between both markets the highest daily volume in history for a US holiday.
All in all, the rates implicit in ROFEX contracts soared between 7 and 11 percentage points, forcing the BCRA to intervene heavily in much of the curve.
“All terms showed increases, from 0.45% at the end of the month, apparently controlled by the BCRA, to increases greater than 2% as of September. End of the month ended with a rate of 64.40% and August of 80.29%”, reported from ABC Mercado de Cambios.
July and August contracts accounted for 89% of the traded volume. “Without a doubt, the market is pricing in a greater probability of a discreet jump in the official dollar or, in its variant, a sharp acceleration of the crawling peg”, warned from PPI.
In Rofex, there was an increase in open interest of 497,000 contracts to total US$4,920 million. “With a lot of intra-day volatility, the contracts closed almost at the lows of the day. Still, strong gains were seen in all maturities, with the mid-section of the curve rising by about $4 on average, with implicit rates increasing by more than 10 percentage points. along the curve (from the October contract onwards, rates exceed 90% tna),” they described from SBS.
Source: Ambito
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