At par, the MEP dollar -also valued with the Global 2030- fell $5.68 (-2%) to $278.79, so the gap against the official exchange rate was reduced to 109.8%. In the last five days, the stock dollar recorded a rise of $2.08 (+0.8%).
For its part, the blue dollar rebounded $2 (+0.7%) to $293, according to a survey carried out by Ámbito in the Foreign Exchange Black Market, with which the gap compared to the wholesale market reached 120.5%. During the week, the parallel dollar showed a retracement of $3 (-1%).
“Faced with the climate of expectation, the financial dollars appear relatively stable, although somewhat firmer after deflating strongly from the maximums in the face of tactical bets on the new economic leadership and with a background global risk-on that reactivated the ¨ carry-trade¨,” said economist Gustavo Ber.
Massa pointed to announcements of fiscal austerity, strengthening of the reserves of the Central Bank (BCRA) and promotion of trade, in an attempt to overcome the financial crisis, which the market celebrated for “going in the right direction”, although in practice remains cautious and with some doubts, waiting to know more details about “how” all these measures will be implemented.
A report of Goldman Sachs notes that “Argentina needs a more conventional and disciplined policy mix to rebalance the economy, and that means, first and foremost, establishing a credible path toward structural fiscal consolidation and an exchange rate that can reflect the macro fundamentals that would require a bold reduction in the repression/financial controls”.
For its part, the Central Bank released this Friday some $95 million dollars from its reserves to meet energy and fuel payments.
Ber commented that “The negative dynamic on net reserves accentuates the concerns of operators, and thus the urgency about measures to recover foreign currency through export advances and access to fresh funds from abroad that would be being evaluated to achieve a better exchange balance” .
Source: Ambito
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