The blue dollar exceeded $1,000 per unit and generated changes in all projections. That it has risen almost $400 between the first presidential debate and the second generates changes in the projections of companies when it comes to adjusting their post-election expectations.
With a free dollar almost tripling the official bill, it does not require much reasoning before determining that an official one so far from the free one is not sustainable over time. It is then that companies proceed to take positions in financial assets aimed at hedging, always keeping in mind the tangle of regulations aimed at not losing access to the MULCFor example.
In this context, there are three paths – among the most explored – by companies when it comes to covering devaluation expectations.
He first are the Dollar Linked fundswhose managed assets are denominated in dollars, and which, having professional administration, allow you to relax from the daily management of monitoring and controlling the performance of the investment.
He Second is the purchase of private debt securities and company shares, whose quotes have shown a strong correlation to the behavior of the currency. The increase in the prices of these assets during the last rounds shows that it is a widely spread resource.
A third hedging mechanism is Rofex, that is, dollar derivative contracts. What do we see in this case? A “fall” in the price of dollar futures in the coming months. That is to say, it seems that the official’s expectations of devaluation, in the midst of an uncontrolled increase in the free dollar, are decreasing, going in the opposite direction to all logic.
Until the outlook regarding devaluation is clarified, let us remember that the commitment not to devalue the official currency was until October, without specifying which day, companies are busier and more concerned with surviving the next dollar run than with investing.
Vice President and CEO of Numero Bursátil.
Source: Ambito
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