The offer of exporters and the intervention of the BCRA have been setting the pace for the dynamics of financial dollars. The spread with the official dollar exceeds 37%.
The financial dollars They are trading on the rise this Thursday, August 22, and are close to $1,300The supply of exporters and the intervention of the Central Bank (BCRA) have been setting the pace of the prices, in a context in which reserves are one of the focuses of attention of the market for the rest of the year.
The dollar MEP rises $5.70 (+0.4%) to reach the $1,297.45, while the CCL advances $11.41 (+0.9%) to $1,298.07. With these variations, the gap between the exchange rates on the stock exchange and the wholesale exchange rate, regulated by the Central Bank (BCRA), grows to 37.1%, a nine-day high.
Market sources said that in the two previous rounds it was noted High volume in AL30 bondsabove average, which implied a greater use of reserves by the BCRA to bridge the gap.
In the official exchange market, the volume of foreign currency was again low on Thursday, but the monetary authority still managed to register a significant net purchase of “greenbacks.” This occurred in a context in which Importers are delaying their demandawaiting the 10-point reduction in the PAIS tax rate, which will take effect next month.
The costs of economic policy
The CCL had accumulated three consecutive rounds of increases last week, due to the fact that Many investors began to close the carry trade. For September, Investing in the Stock Market warned of a possible greater sale of dollars due to it being a month of tax payments.
Martín Mazza, Director of MM Investments, told Ambito that the market is paying particular attention to the costs of the Government’s economic policy, which includes the appreciation of the official dollar as an inflationary anchor, and puts reserves at risk through intervention to reduce the gap.
Despite market confidence in the decline in inflation, as evidenced by the solidity of fixed rate Lecapsfor the Director of MM Investments “persist doubts regarding the stability of the dollar, since demand exceeds supply in the foreign exchange market.” In this sense, “The intervention of the BCRA in the market only manages to temporarily slow down the exchange rate, without addressing the underlying shortage of foreign currency. It would seem that attention is turning towards money laundering,” complete.
Source: Ambito
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