The financial dollars rose strongly this Thursdaywith the MEP that climbed almost $34 and with the CCL that at times was above the blue (something that had not happened in almost a month), before which would be an absence of official interventionas indicated by the analysts and operators of the City, with the aim of stop the fall in reserves and disarm the new “financial loop”.
Thus, the dollar CCL -operated with the GD30 bond in the Price-Time Priority or PPT market- climbed $27.78 (+6.1%) and reached $482.15. The gap was 107.7% with the official exchange rate. For his part, the CCL Senebi rose to the $495 and it was above the blue dollar that closed in $488.
In turn, the MEP dollar -operated with the GD30 bond in the Price-Time Priority or PPT market- $33.59 shot up in the day (+7.6%) to $477.72. And the gap was located in the 105.8%. While the MEP Senebishot up to $480.
Why do financial dollars jump?
“Everything seems to show that the Government has been moved, which had been artificially supporting the price of the financiers that was seen on the screen. For example, the CCL implicit in Cedears and the one negotiated in Senebi (the OTC market of the stock market, something like the blue but legal) already marked a gap against the MEP and CCL implicit in bonds operated by the screen”, he analyzed Juan Pablo Albornoz, economist at Invecq.
One of the government’s concerns was that intervention in the bond market to control stock exchange rates had allowed speculators to earn up to 20% in 48 hours with a few clicks. One of the loops involved the purchase of the MEP dollar and then the sale through the LEDES. And the other was to acquire the so-called stock dollar and sell it on the parallel market, an operation known as “mash.”
Given this, Roberto Geretto of Fundcorpexplained: “The rise (fall of the alternative weight) is due to the fact that they stopped intervening. To what extent it is to take care of reserves or punish those who make the ‘curl’ (purchases and short speculative sales in different markets) is something that will be known over time“.
“The BCRA does not want them to take the time in their way of intervening so as not to ensure ‘curlers’then it runs from the market generating greater volatility, which is one of the objectives that seeks to avoid interventionadded the analyst Christian Butler.
Yes ok the BCRA acquired US$51 million this Thursdaywhich represented its tenth consecutive day of purchases in the exchange market, the reserves do not stop descending. According to estimates, the monetary institution allocated about US$100 million daily to intervene in the bond market. The stock of gross reserves at the close of Wednesday totaled $33,298 million, the lowest levels since 2016.
Finally, Gustavo Ber from Estudio Beralso explained that there other motives for which the stock exchange rate rose: “The dollarization process is extended by political and economic contact despite the floods trying to slow down the rate of slippage. This is reasonable given the electoral uncertainty and the macro imbalances to be managed, among them the accelerated inflation that pushes the nominal value of the underlying economy”.
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