Financial dollars closed lower this Friday May 19 but marked their biggest weekly rise in a month, before the new official strategy that points to element of surprise in order to combat speculation. In that framework, This Friday the Central Bank intervened again after the bullish rally last Thursday. This happened while investors were still waiting for news about possible early disbursements by the International Monetary Fund (IMF) and days after knowing the decision of Vice President Cristina Kirchner not to be a candidate in the next elections.
In that framework, the dollar “Cash with Settlement” (CCL) -operated with the GD30 bond in the Price-Time Priority market or PPT– it was down $4.63 (-1%) to $474.35. Thus, the gap was located in the 103.8% with the official exchange rate. In turn, the dollar CCL SENEBI -bilateral negotiation- gave up $8 to $487.
In turn, the MEP dollar -operated with the GD30 bond in the Price-Time Priority or PPT market- fell $8.08 (-1.7%) and ended at $465.42. Consequently, the gap reached 100%. At the same time, the dollar MEP SENEBI dropped $11 to $469.
On the other hand, in the weekly balance the CCL accumulated a raise weekly from $33.55Meanwhile he MEP registered a $31.11 advance. Both variations were the most important in the last month.
Find out more – I followed the price of the blue dollar, official, CCL and MEP in Argentina
The parallel exchange market fell again after the strong rise the day before thanks to the return of the BCRA to intervene with bonds to support their prices, along with a reserve recovery that eases the financial close of the week.
The monetary authority surprised on Thursday by withdrawing from the financial market with the objective of cut speculative currency maneuverswhere investors took advantage of the benefits of the “curl” with cheap purchases of dollars and their most expensive resale without any risk.
“The Central Bank cannot afford to continue losing dollars and so marking the pitch is good for the marketwith surprise interventions and not necessarily knowing when and at what moment it acts”, explained a bank agent.
held that “The financial market has an implication of risk and whoever invests is clear about italthough the crisis in Argentina almost always allows you to take a speculative slice without even thinking about production. Electoral dollarization has always existed, with the particularity that this 2023 is special due to the crisis in which we live”.
Meanwhile, the government negotiates with the IMF changes of quarterly goals and seeks to advance disbursements for control the inflationary escalation and appease dollarization.
Source: Ambito
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