The blue dollar is rising. Photo: EFE/André Coelho
The blue dollar continues last week’s upward trend. Upon opening this wheel he ascends two pesos and is sold to $ 205. The market continues to move amid uncertainty and doubt due to the latest measures that increase public spending and have caused an informal jump of 10 pesos since April 19.
But not like what happened last week this time the financial dollars breathed. After a return of 17 pesos in the last five rounds, on Monday the MEP dollar, which operates on the Buenos Aires stock market, fell 0.7%, to $ 206.7. A similar path follows liquid cash (CCL), which yields 0.4%, in $ 207.9.
From GMA Capital they pointed out that “after three extremely favorable months in terms of appreciation, the MEP and CCL dollars have taken a 180 degree turn“.
For this stock company there is a combination of reasons that explain the jump in alternative dollars. “Inflation in March was the worst in 20 years, the Central Bank buys very few dollars in the best quarter of the year, the reserve objective is met thanks to the disbursement of the Monetary Fund, the fiscal objective is reached in an accounting maneuver, public spending continues to rise (by subsidies and social benefits for the mitigation of inflation), the imposition of new taxes is considered and the only way seems to be greater indebtedness on indexed titles. To make matters worse, the political crisis is exacerbating the financial climate and expectations, and making it difficult think that 2023 is a genre of science fiction“.
Last week, market prices climbed around 9.5%which leaves an area of $ 190, comparable to numbers from last October, to position itself closer to $ 208- $ 209. By the way, the gap against the official price of money jumped from 70% to 80%.
The jump of the dollar put a pause in the financial cycle that took advantage of rising rates on the peso to earn and then switched to the hard currency, which remained stable.
“With the return of the dollar (in a week it dropped similar to the Consumer Price Index for 44 days at a rate like 6.7% in March), since Easter so far 10 carry trade points accumulated in the year have been erased from the map“, said GMA.
Stocks plummeted
The start of the week was also bad for Argentine stocks. At the local level, Merval is losing 3%, with a fall of up to 6% for YPF.
Illness is also felt in ADRs listed on Wall Street. angAlmost the entire panel is in the red with losses of 7.6% for Ternium and YPF and 7.2% for Telecom. The only two companies saving on clothing so far are Mercado Libre, with an increase of 3.6%, and Despegar with an increase of 0.9%.
As for bonds, the downward trend of recent days continues and is losing about 1%, with risk to the country nailed to 1736 basis points.
Share prices were lower on Monday morning at the start of trading on the New York Stock Exchange, continuing a decline remaining the S&P 500 index was in negative territory three consecutive weeks.
The most fallen were energy companies as oil prices dropped by more than 5%. Banks, industrial companies and technology companies also collapsed. The S&P 500 was down 0.7%.
U.S. Treasury bond prices rose as investors sought refuge in more stable papers.
The Shanghai index fell 5.1% as China intensified its health measures in the face of a rebound in COVID-19 cases.
AQ
Source: Clarin
