For his part, the The MEP or Bolsa dollar fell in the same proportion (-$2.52) to $204.97 and ended the session more than $10 below the blue. The gap with the officer was positioned at 93.6%.
“Operators continue to closely monitor the signs of acceleration in the crawling-peg, together with a possible next new rate hike, and this awakens a climate of greater calm in the gap,” said the economist. Gustavo Ber.
For his part, the financial analyst Christian Butler expressed in dialogue with Ambit that “the market played a lot that there was no agreement and that made the alternative dollars shoot up; with the announcements of understanding they began to loosen.”
The specialist warned that “normally when there are sudden jumps in the prices of the dollar, then when they go back they never return to their starting point; they are always one step higher.”
The Central Bank (BCRA) has several pressures to accelerate the adjustment of the exchange ratetaking into account the high inflation that causes a loss of competitiveness, and that February is usually a difficult month to accumulate foreign currency since it is an intermediate period between the fine harvest and the thick harvest, and because the demand for pesos continues to normalize after the increase December seasonal.
“We agree with the market consensus that the rate of devaluation of the peso will accelerate considerably, but we are not sure that the BCRA will validate such a marked acceleration that it feeds back into inflation,” he estimated. Personal Portfolio Investments. In addition, the stock company projected that this Thursday the BCRA could once again determine a new rate hike at its board meeting.
Within the framework of the understanding with the IMF, the Government promised to have a dollar price compatible with the trade surplus and the increase in reserves, although it denied that there would be a devaluation jump, which could impact inflation already at levels worrying. In parallel, he assured that there was consensus on the need to have positive rates in real terms.
The principle of agreement recently reached with the multilateral credit organization still needs to be approved by Congress, amid tensions within the ruling party. This day the deputy of the Front of All, Itai Hagman, said that it is likely that 30 legislators will abstain in the Lower House, with the aim of showing disagreement with the conditions of the agreement but without blocking its approval.
It is worth remembering that the deadline set by the Government is March 22, the day on which some US$2.9 billion expire with the institution led by Kristalina Georgieva.
official dollar
In the wholesale segment, the exchange rate increased seven cents to $105.89 on a day with low turnover. The BCRA moderated the rate of price adjustment, although it is heading to record its highest monthly rise in a year.
As a result of its intervention in the official foreign exchange market, the monetary authority added another US$2 millions and chained his sixth consecutive wheel without selling currencies despite the challenging context.
“The low liquidity and depth exhibited by the wholesale dollar market, with an average daily business of less than US$200 million, reduces the possibility for the Central Bank to recover reserves more intensively,” a market source explained. .
For its part, the savings dollar or solidarity dollar -retail plus taxes- rose five cents to $184.01 on average.
future dollar
In the ROFEX futures market, US$246 million were traded. Deadlines ended virtually unchanged; the end of the month ended with a rate of 32.47% and March at 44.88%
The blue dollar climbed another $2 this Wednesday, February 9, 2022 and reached $217its highest value in the last nine days, according to a survey by Ámbito in the Foreign Exchange Black Market.
In this way, the price of the parallel dollar recovered what was lost between Thursday and Friday of last week and became the most expensive exchange rate in the market, surpassing the CCL for the first time in three weeks.
Likewise, the gap between the blue and the wholesale exchange rate, which is directly regulated by the Central Bank, widened to almost 105%.
the analyst Salvador DiStefano He told this medium that the blue market is more imperfect and inflexible downward than that of financial dollars. “It’s a market with few players. The price makers who bought at $215 don’t want to sell in a context of falling parallel exchange rates,” she deepened.
For his part, Buteler argued that “what’s happening with blues is weird.” “They can’t stay out of the loop for a long time. Either the blue loosens or they have to raise the other quotes,” he said.
Source: Ambito
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