The Financial dollars cut their upward streak this Tuesday, August 6, in a context of greater calm at a global level after a chaotic start to the week. The gaps with the official one are again close to 40%.
The dollar MEP falls off $4.46 (-0.3%) to reach the $1,341.63for which reason the spread with the wholesaler regulated by the Central Bank (BCRA) goes back to 43.2%. For its part, the CCL drops 25 cents to $1,337.27.
The exchange rates on the stock exchange thus registered their first decline in five days. In the four previous sessions they had accumulated increases of more than $70.
Risk assets collapsed around the world
On Monday, risk assets were under extreme pressure around the world due to a a combination of factors that included worse-than-expected quarterly balance sheets from technology companies, rising interest rates in Japan and rising unemployment in the US, which raised fears of a possible recession in the world’s leading power.
In that context, Investors flocked to safer assetssuch as US Treasury bonds, to the detriment of stocks, which suffered their sharpest fall in years.
Faced with the poor global climate, most of the region’s currencies suffered devaluations. Among them, the Mexican peso, which depreciated to its lowest level since the first days of January 2023with an exchange rate very close to 20 units per dollar.
Meanwhile, the Brazilian real touched its lowest level since March 2021, although it later reversed its momentum and ended almost stable compared to the previous session, the Colombian currency fell 0.5% and the Chilean currency 0.2%.
A good day to have a stock
The validity of capital controls prevented the international context from generating a sudden run on the local exchange market.Luckily we have a stock and there was not much fuss. At the beginning the dollar shot up, hard dollar bonds fell sharply and Lecaps fell. However, everything was diminishing throughout the round,” said Invertir en Bolsa (IEB).
Investors continue to monitor the evolution of the BCRA reserves, which on Monday exceeded US$28 billion for the first time since July 15, due to the impact of the disbursement from the Inter-American Development Bank (IDB).
Market sources confirmed that during the day the Central Bank used reserves to intervene in the CCL, but with smaller amounts than on Friday.
Source: Ambito
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