At the same time, the MEP dollar -also valued with the Global 2030- it rose $6.76 (+2.4%) to $288.13. In this way, the gap compared to the official exchange rate was 112.2%.
Much calmer was the blue dollar, which rose $1 (+0.3%) to $293, according to a survey by Ámbito on the Black Foreign Exchange Market.
Despite the sharp rise in the rate in pesos a week ago, and with a BCRA that it has already accumulated six consecutive days with reserve purchases (this Thursday it won another $20 million)financial exchange rates bounced back strongly as investors continue to wait “strong progress on economic imbalances”They count in the market. Many anticipate that the “super rate” would only act as a bridge to buy time in the implementation of the measures.
“Friendly news is expected for the market from the fiscal front and the accumulation of reserves, through a prompt implementation of measures, which may reflect short-term results,” a market operator told this medium.
Another market source remarked that “no changes have yet been made to the mechanism known as the ‘soybean dollar’, which has been unsuccessful in accelerating the commercialization of the soybean crop.” “It is said that improvements would be made, but it will be necessary to see if they are sufficient to accelerate the commercialization by the producers,” he analyzed.
This week The first operations of the new mechanism were carried out to increase the flow of foreign currency by the large agro-export firms. Although the amounts involved were not known, from the chamber that brings together grain and oil exporters (CIARA-CEC) they reported that the first operations of special accounts and correspondents in dollars for pre-financing and advances based on the latest Central Bank circulars They have had a positive balance.
On the other hand, analysts linked the sharp rise in the CCL to the settlement of a bond in pesos at a fixed rateissued by the macrista administration, which was held by foreign investors.
“In recent days, the sale movement of TO26 was noted, which is a bond in pesos that is generally placed with foreign investors. Every time it moves a lot, there ends up being a jump in the exchange rate. They are investors who leave that bond to go for the cash dollar with liquidation. We are seeing those sales that occurred in the last 48 hours and that end today putting pressure on the CCL“, said to scope.com the financial operator Christian Butler.
Massa promised to lower the fiscal deficit, strengthen the scarce reserves of the central bank (BCRA), reduce the rate of inflation and give a greater boost to trade. In this context, the Government announced on Tuesday a segmented removal of subsidies for electricity, gas and water consumption.
“An orderly State is vital, planning its spending and meeting its goals in order to guarantee the normal functioning of a society,” Massa said at an event sponsored by the Council of the Americas in Buenos Aires.
The head of the Treasury will travel to the United States in the first days of September to hold various meetings, the Argentine ambassador in Washington, Jorge Argüello, said on Thursday.
Beyond the local conditions, the world did not play in favor this Thursday. Is that The dollar index hit a one-month high. as Federal Reserve officials spoke of the need for further rate hikesfollowing the minutes of the July meeting of the US central bank.
St. Louis Fed President James Bullard said given the strength of the economy, he is currently leaning toward support a third consecutive interest rate hike of 75 basis points in September, in order to reduce inflation more quickly. “The Fed’s rhetoric has been very strong from just about everyone: We need to raise rates, we need to raise rates, rates are going to go up,” said Joseph Trevisani, senior analyst at FXStreet.com in New York.
The dollar trimmed gains on Wednesday after minutes showed Fed policymakers were concerned about raising interest rates too far as part of their pledge to rein in inflation. However, on Thursday investors reconsidered this interpretation and focused on the probability that the central bank will continue to raise rates aggressively to curb inflation.
The minutes also signaled what will be an important dimension of the Fed’s debate in the coming months: when to slow the pace of rate hikes. “Except for the part about slowing down the pace of rate hikes, the rest of the minutes are very rosy,” Brown Brothers Harriman’s Win Thin said in a report.
The dollar index gained 0.71% to 107.39 units, after hitting 197.57, a peak since July 19. Meanwhile, the euro fell to $1.0078, its lowest value since July 18.
This context also put pressure on the Brazilian real, which closed down 0.06% at 5.1715 units per dollar.
official market
The dollar wholesaler it appreciated 27 cents to $135.80, while at Banco Nación the note closed stable at $142 for sale.
For his part, the savings dollar or solidarity dollar-which includes 30% of the COUNTRY tax and the deductible 35% of Income Tax and Personal Assets- closed below the $235.
Meanwhile, the tourist dollar or card -retailer plus COUNTRY Tax, and a perception of 45% deductible from Income Tax and Personal Assets- it ended above $249.
Source: Ambito
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