A new jump for the blue dollar: at the opening this Tuesday it was advancing 4.5 pesos and reaching $ 210. In this way he advanced by fifteen pesos on only six wheels.

The informal advance is a reflection of the tension in the foreign exchange market, from increase in public spending and the fear that the Government will not meet the objectives established in the Monetary Fund agreement.

Versions also have the influence that there will be new taxes and they can duplicate controls on imports.

And another element was added: yesterday the Financial Information Unit changed the floor on which MEP dollar purchases are regulated port bag. Now that floor $ 600, previously US $ 1,500. For the market, this implies a reinforcement of stocks and aims to prevent the purchase of foreign currency at a time when the central bank is having difficulty accumulating reserves.

The strain also reached the financial dollar. MEP is up 0.4% to $ 209, and cash with liquidity is up to $ 210.

With the blue rising, all dollar alternatives remain on the same line, with prices between $ 209 and $ 210.

The exchange rate gap is rising

The exchange rate gap between the wholesaler and the blue is again above 80%. This Tuesday reached 82%.

It ends with the breakdown of the exchange pax that has dominated the market since February, when the proximity of the IMF agreement eased prices. In January, amid turmoil at the agency, blue reached $ 223 and cash with liqui, the operation to withdraw foreign currency from the country, reached $ 235.

From there they deflated until they dropped in early April to around $ 190/$ 195. But last week the exchange rate began to crackle.

The first alarm signal was the inflation data found on the 13th of this month, where the Consumer Price Index for March climbed 6.7% and a cumulative figure of 16.1% in the quarter.

With inflation traveling at more than 55% year over year, it’s unsustainable for financial dollars to sit too long.

The final push was given in recent days through an announcement to be issued by the government a bonus of $ 18,000 to approximately 8 million people to informal workers, monotributors A and B, domestic employees and the unemployed. And another additional $ 12,000 to 6 million retirees to charge up to two minimum wages.

The greater the public spending, the more the market fears that the goal with the IMF will be predicted reduce this year’s deficit from 3.2% to 2.5% of GDP.

And the icing on the cake is the announcement that the government seeks to implement an unexpected income tax, something that is not yet clear how it will be implemented or what opportunity will pass through Congress, but sends a signal to look for increase tax pressure on the private sector. ⁇

Argentina’s bonds have reopened in the red and the country’s risk remains on 1780 basis points. Merval fell 1.1% and Argentine stocks listed on Wall Street also lost, with Globant in the lead, yielding 6%.

AQ