While the blue dollar seems to be taking a breath After their bullish rally in the last stretch of the year, financial price prices remain stable this Thursday. On the street, the bill is trading at $354, three pesos less than it did at Wednesday’s close, when it added $3. So far in December, its price has increased by more than 14% in the informal market.
Meanwhile, in the stock market, the MEP dollaror purse, go up 3% and is reached at $341.45 after noon. The MEP’s behavior is different from that of the “wired dollar”, or cash with liquidation, which drops to 344 dollars. official and the CCL rose by just $0.56, a gap of just over 93%.
Generally, the price of blue remains at an intermediate level between those of the CCL and the MEP. After the rise of recent days, financial prices have marked a new north. Unlike the reading they give to the Government, where they believe that prices will drop significantly from next week, the Municipality believe that these represent a “buying opportunity” before a summer that seems busy.
For more wheels operators warn “unusual movements” in the functioning of the GD30 bond, which is the most used to become dollarized: prices rise up to the limit of the closure of the wheel, where “massive sales” appear which manage to lower them. In Delphos they pointed out that in Wednesday’s session “the GD30 reached once again the highest level of volume traded in a session (197M nominal), thus surpassing the last high of Monday”.
The amount of trades of this bond is usually a good thermometer of exchange rate stability. “Last time volume was up the way we’re seeing it these past few days, MEP climbed strongly after a couple of weeks (it was in June/July),” warned Aurum Valores. Several public entities have this stock in their portfolio, among which the Central Bank and the FGS de Anses stand out.
“In the last few days, a strong increase in the trading volume of GD30s against pesos (even against dollars) has consolidated, which is usually associated with intervention periods to avoid increases in the gap“, they added.
Despite several bureaucratic hurdles, buying the dollar MEP is the only way retail savers can access the dollar legally, due to the subsequent exchange rate tightening. In fintech Banza they noted that in the third week of this month, operations jumped by 125% compared to what was seen in the third week of November.
“Operated volume has seen a similar increase over the same time period,” they indicated at the company.
All in all, official intervention has failed to drive stock prices higher than the 5.5% monthly BCRA is allowing the official dollar to run. So far in December MEP racks up 9% hike; while the CCL rises by 6.7%
NEITHER
Source: Clarin
