Tuesday , June 18 2019
Home / argentina / The dollar fell 3.4% after the BCRA stepped down between $ 106.3 million for three days

The dollar fell 3.4% after the BCRA stepped down between $ 106.3 million for three days




Central returned to close the pesos from the market (closed a week absorbing $ 105 billion) without affecting the exchange rate; for Sandleris, the peso still "exaggerated" the shocks Source: Archive

The

dollar

he seemed to have confirmed yesterday that with smaller surpluses of pesos on the street, chances are that he maintains the ascending route, complicated.
The average price dropped by another 1.9% (from $ 38.46 to $ 37.72 for wholesale and retail sales)
from $ 39.54 to $ 38.80 for the public) at the end of the trading round shorter than usual (G-20, activity ended two hours ago) and after emphasis

Central Bank

(BCRA), its commitment to a highly controversial monetary policy not only operational but also gesture.

The ticket recorded its third round in a subsequent decline and accumulating an average retreat of 3.4% in that period after working very close to $ 40 on Monday and threatening to return to the maximum levels previously touching the launch of the Sandleris era. But it did not stop, but the closing of the week (today markets do not work on public holidays) with an increase of 0.2% and accumulating 5% in November.

The decline began when the currency unit decided to double its withdrawal efforts after dropping the December release test for December (a month with a high seasonality in demand for money), which allowed the disarmament impact

Lebac

(which has released $ 120,000 million), a $ 78,000 million additional injection is being added to the partial debt recovery in Leliq's expired lender.

But after verifying that this holiday caused almost 2% the average jump in the currency in just two days, he decided to sue for another opportunity.

"This week Leliq won $ 469,267 million and received new letters for $ 583,867 million, ie, Absorbed more than $ 105,000 million without higher rates, which on average decreased from 61.40 to 60.75% a year Free: Leliq's shares reached $ 718.711 million, and the interest-paying bill, which was $ 6300 million this week, exceeds $ 9500 million next week, "said Financial Analyst Christian Buteler.

"This week, unlike the previous one, was clearly contracted because the BCRA absorbed roughly half of what it had expanded in the previous week, and the dollar stepped back from what progressed even at the reference rate slightly down to show that the rate cut without any impact on the dollar, the BCRA must be tedious with manipulation of the quantity of pesos, "noted economist Gabriel Caamaño, a Ledesma study.

The strong jump in the bill between late Friday and Monday ignited alarms in the government that began to use the "honey" of the stabilized market (the end of the run has stopped falling in the image of Macri) and prepared to do so by persuading oil companies to reduce fuel prices to the decline in international oil prices, even though domestic tax rates will rise in the coming days.

The simulation test was aimed at achieving a higher rate cut when the BCRA was released (next week) to remove the 60% floor in a precautionary manner to show a determination to achieve its goals. And to create the feeling that the worst of the crisis is getting behind.

But the dollar's reaction has prompted the BCRA to review the plans. "Inflation remains high and our currency is still over-reacting against internal and external shocks," he confirmed earlier yesterday

Guido Sandleris

when exposed to the Council of the Americas. "We are aware of the risks facing our economy, and we will only increase the currency base if conditions permit," he said, and he had doubts that he was using the privileges he had in agreement with

IMF

to expand the currency base by 6% in December. "We will only do so if we think the increase in demand for money is not what we planned," he said.

Neither the G-20 does not provide debt bonds

Bonds

Argentine debt

they can not recover despite the US Federal Reserve's signals in recent days, and admitted that it could suspend its policy of a moderate but steady increase in the reference rate for this economy. "The demand did not appear, so 25 cents fell in the middle and 50 in the long part of the curve, so there are losses of 1.5 to 2 per cent in the week," Sebastian Cisa said in a report. , the SBS group. Because of this weakness, the risk of the country remains above 700 points (closed to 704), even though the index lower index (set at the rate that gives ten-year US bonds) fell by 1% yesterday. , which is 3.03%.


Source link