Friday , April 19 2019
Home / argentina / Surprisingly, the game rules have changed: private sector fees have fallen and the dollar has risen

Surprisingly, the game rules have changed: private sector fees have fallen and the dollar has risen



The central bank this time not only had to go to sell dollars, but withdrew its initial launch of nearly $ 1 when the wholesale dollar touched $ 38.60.

The response was the starting point for the central bank's pace that curtailed banks to avoid the capital they had swallowed, strong wholesale dollar shot, which reached $ 38.60, Then they realized that they were reacting to the fact that there was too much stress in the air that caused over-coverage.

But it also serves to take into account the fact: there is a very high sensitivity around the dollarAny noise is frightened, and what happened at the beginning of the round was proof of this fear. Peso bearers who play for courses now feel that they are going underground, although with a quieter mood, the wholesale dollar closed 11 cents more than Friday at $ 37.97.

Banks and exchange houses paid the public 17 cents a dollar more expensive for $ 39.07. "Blue" was the most demanding, as there are already investors looking for coverage from central measures. It increased by 50 cents to 37.75 USD.
Reserves have lost $ 109 million. They remained at $ 66,783 million. Due to the strength of the dollar in the world and the fall in gold, 188 million dollars have been lost and 2 million have been paid to international organizations and 3 million to Brazil.

Banks available the measure Guido Sandleris, The President of the Central Bank, fell like a bucket of cold water because he had to return to the money unit in exchange for a peso, a surplus of liquid letters, that is, something that exceeds their own capital or fixed term stakes.

From then until April, banks will have to return about $ 300 billion from Leliq, and Central will give them a pesos. These are invoices for which they paid higher rates that the central bank pays when claimed. But the balance favors them because they make a lot of money from April to April.

On the other hand, the intention of the Central Bank is to transfer the money returned to banks to the private sector into lower-rate loansA game that brings benefits to economic activity but leaves those who have borrowed at rates higher than 50% per year.

But there are also risks: Will those who return to a fixed term or dollarise their portfolio?

The world does not help. Attention remained in the United States and the waterfall falls on Argentina. Government bonds of US sovereign bonds continued to grow, raising the risk of the Argentine country by 0.59% to 679 points.

Wall Street today is "ni". They are not judged by good balance sheets. March 1 is a date that hangs over investors' neck as a guillotine. If there is no tally between the United States and China on that day, the markets will suffer badly and global economic activity will fall. There is no need to explain how such a scenario can affect Argentina and its bonds.

In the meantime, the exchange began with a day of euphoria. He believed he could reverse the latest downturns that helped banks and the energy sector. It was that the S & P Merval of the leading stock at 11:30 am rose to almost 2%, but has since begun to decline. which changed to -0.21%. After the coup, caution emerged and a slow recovery began, with some trigger saws, which allowed him to complete the wheel with a 0.98% increase but with data that did not favor him: the last minutes were sharp drops.

At 4:43 the stock market was 1.47% higher. In any case, the rate of business was modest: 486 million pesos.

The gates, which were almost customary, turned around the city that took over the central side and ended up on the negative territory or with a slight increase. Banco Macro closed with a 0.44% increase, but Francés, close to 2% higher, closed down 0.39%. The best performance was Galicia (+ 1.75%).

The most significant are Pampa Energia (+ 6.22%), followed by Transportadora Gas del Sur (+ 5.07%) and Central Puerto (+ 3.71%).

The Argentine ADR – a stock certificate issued on Wall Street – had a positive day. Despegar rose 5.04% and Transportadora Gas del Sur by 2.70%.

In the next round it will be known whether it will be based on the upward trend of the dollar. It is likely that Central will not have to buy a foreign currency and that equity markets remain cautious.


Source link