The financial dollars extend their upward trend this Tuesday, June 4 and reach new records in nominal terms. The appetite for the “greenback” reappears in part due to the market fears about the interruption of the swap with Chinawhich would force the Central Bank (BCRA) to pay US$5,000 million to the Asian power.
The dollar CCL increases 2.2% ($28.02) to be in the $1,325.49. In this way, the gap with the official exchange rate amounts to 47.7%, the maximum since February 9. For his part, the MEP advances 2.3% ($29.25) until $1,299.16 and the spread with the wholesaler is 44.8%.
In this way, prices accumulate a jump of up to $116 (+10%) in the last three wheels, which adds to a cumulative increase of up to $160 (16%) in May.
Why are financial dollars overheating?
The overheating of stock exchange rates in recent weeks responds to a combination of factors. Firstly, the abrupt and constant reduction of rates by the BCRA put end to the attraction of the “carry trade”; While in March the monthly returns in pesos were close to 9%, Today banks offer a rate of just 2.6%, very close to the 2% crawlin-peg that the monetary authority is applying to the wholesale dollar.
Added to that is a foreign exchange settlement in the official market below expectationss, mainly due to a delayed soybean harvest and the export regime in force since December 2023, which establishes that 20% of sales abroad are settled in the CCL market.
In that sense, the consulting firm 1816 showed in a report that so far this year the agro-export sector liquidated only 30.5% of its production in the exchange market, the lowest value in eight years.
For its part, the Chamber of the Argentine Oil Industry (CIARA) and the Cereal Exporters Center (CEC) reported that The May settlement was US$2,612 million, which meant a year-on-year drop of 37%.
“The foreign exchange income for the month of May is the result of the export dollar regime in force since December 2023, international prices, the impact of the weather on the corn and soybean harvest rate and the relationship between input costs and grains,” the entities explained.
As if that were not enough, over the weekend it emerged that the swap with China was not going to be renewed.. “If this situation is not changed Argentina should pay the almost US$5 billion of the swap, in two payments, one in June and the other in July. As a result, the dollar continues to rise and sovereign bonds continue to fall,” he noted in this regard. Nicholas Cappellafrom Investing in the Stock Market.
How much is the official dollar trading at today, Tuesday, June 4
In the official exchange market, the wholesale dollar climbs 50 cents to $897.50.
How much does the blue dollar trade at today, Tuesday, June 4
He blue dollar rises to $1,235 for purchase and $1,265 for saleaccording to a survey of Ambit in the caves of the City.
How much is the future dollar sold for today, Tuesday, June 4
In future dollar contracts, the price for ends of June drops 0.3% to $919while for July give in 0.2% to $952. For August climbs 0.1% to $992 and to September scale 0.3% to $1,033. Meanwhile, contracts for the end of the year rose 0.7% to $1,177.
Price of the card dollar today, Tuesday, June 4
He dollar card or touristand the dollar savings (either solidary) quotes at $1,466.40.
Quote of the crypto dollar today, Tuesday, June 4
He crypto dollar or Bitcoin dollar operates at $1,255.92according to Bitso.
Source: Ambito
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