The vertigo that has characterized the foreign exchange market in recent weeks is slowing down. This Thursday, the blue dollar fell by seven pesos and ended up in $350. In parallel, the Central Bank came out to demonstrate that it conserved firepower: in one wheel it bought 539 million dollars, nearly a third of what he’d bought all month.
In a round where it has reached the total volume traded on the market 569 million dollarsthe Central Bank has seized almost all the currencies: the purchase of US$ 539 million it was the largest operation in the last six months.
The glass half full proves that with this purchase the central has pocketed $5.680 million for the year and surpassed $5,524 million in 2021.
The half-empty glass reflects that with these purchases the Centrale aspires to almost all possible currencies and leaves importers without dollars to operate.
In this round, the soybean dollar contributed 177 million dollars and added 3,035 million dollars in the second batch of this program. There are still three days left to operate, as due to multiple holidays this month, soybeans have asked the government to allow them to liquidate Until January 4th.
“The result of the soybean exporters exceeds the commitments made and there are still three days of operations left,” they said from the Palacio de Hacienda.
Of the soy II dollar total, the plant held back $1,853 million. In the first round of this program which materialized last September, soybeans liquidated $7.7 billion and the Central Bank withheld $5 billion.
But throughout October and November, the monetary authority had to part ways with $1.5 billion to supply a market that had run out of supply after the soy dollar’s demise.
From the Ministry of the Economy they highlighted that “in addition to the liquidation of exporters, the entry of funds for infrastructure investments. This is the second-largest daily buy of the year, trailing only June 29.”
with the breath that took the blue dollarthe ticket was quoted at $350, seven pesos less than the previous close. So far in December, its price has increased by more than 10% in the informal market.
Meanwhile, in the stock market, the MEP dollaror purse, rose 0.8% and closed at $ 334.3. The MEP’s behavior differs from that of the “cable dollar”, i.e. cash with liquidation, which fell by 1.6%, to $340.5.
Generally, the price of blue remains at an intermediate level between those of the CCL and the MEP. 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.
Another important nuance is that the government is intervening in the price of cash with liquids. 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 underlined that in Wednesday’s session “the GD30 reached once again the highest level of volumes traded in a session (197 million nominal), thus surpassing the last high of Monday”.
The amount of trades of this bond is usually a good thermometer of exchange rate stability. Several public organizations have this link in their portfolios, 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 noticed it in the third week of this month trades increased 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.
AQ
Source: Clarin
