After writing down his first weekly decline from the debut of the flotation regime between bands and the Flexibility of the exchange ratehe Official dollar He scored a new decline – the fourth in five days – at the same time that future contracts They closed mixed. He MEP Operate below the retailer.
In the segment wholesalerthe dollar retreated $ 4 (-0.4%) at $ 1,132after closing Friday with a $ 22 rise. For its part, the Retail dollar closed to $ 1,155.43 for sale After giving up $ 11.53 (-1%) this Monday in the average of the financial institutions published by the Central Bank (BCRA). Meanwhile, in the National Bank The ticket remained $ 1,100 for purchase and $ 1,150 for sale.
He Blue dollarFor his part, he went down $ 5 in $ 1,170according to a survey of Scope in the City caves. The Financial dollarsin line with the officers, they also go down: the MEP yields $ 2.91 (-0.3%) to $ 1,141.20while the CCL low $ 3.27 (-0.3%) to $ 1,155.98. The gap With the officer, he positioned himself in the 2.1%.
Market focus: inflation, elections and tender
The CABA inflation in April slowed 2.3%although the nucleus went up to 3%, The Statistics Institute of the City of Buenos Aires. Despite this, a rise of 11.1% accumulates in the first four months of the year and in the year -on -year variation reached 52.4%.
At the national level, the provincial legislative elections who initiated the electoral calendar and gave a first provincial triumph to the ruling party in Chacoafter allying with the governor Leandro Zdero. In Jujuy and Salta They were second, while in San Luis They did not present a list.
This Sunday will be the CABA legislative electionswhere Manuel Adornifirst candidate of the ruling, is emerging to achieve a second place.
“The most relaxed external climate together with the reigning financial optimism between local financial assets, continues to contribute to a gradual and orderly decrease in the official and financial dollar renewed interest among operators, especially from abroad that seek emerging bets in local currency, “said the economist Gustavo Ber.
In addition, the market keeps attentive to Treasury debt tender This Wednesday, as well as in the Bopreal placementthat still has no date. “Some analysts expect some impact on the price of the dollar, something that is yet to be seen,” he said Gustavo Quintana of PR CHANGE OPERATORS.
In case there was a Bopreal tender“It would help dry the pesos square and – to medium term – that would also push the exchange rate towards the band below. If we think of immediate drivers, the liquidation of the field is one of those events that quickly impacts the price of the dollar and we are in the time of the year where this happens,” he said Pablo LazzatiCEO of Insider Finance.
The need to buy reservations pressing
The Government must face a non -less challenge: comply with the accumulation of reserves according to what was agreed with the IMF. According to this, for June some must be accumulated U $ S5,000 millions. While the BCRA can intervene within the band of $ 1,000 to $ 1,400, From the Government they affirmed that they will only do so in case the band’s floor reaches.
“With the flexible change, the accumulation of reserves sucks methat was designed because we did not know if we were going to get the money to open (the stocks). We got the money and open. Flexible exchange rate, inside the bands, the exchange rate is free. The accumulation of reserves sucks me because I have a flexible exchange rate, which means that the reserves do not vary“, said the president Javier Mileiwho added that he will pay the debt to the IMF with “Fiscal Balance”.
On the lack of intervention in the market, Ignacio MoralesChief Investments officer, from Wise Capitalexplained: “From the BCRA They affirmed that income from dollars will arrive on the capital account. One of the bets is the entry of currencies from the liquidation of the field. In this context, from the Government they claim that they already have the dollars to face in July external debt maturities with bonds by U $ 4,200 million“
Source: Ambito
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