As field producers are finalizing whether to start liquidating their crops under the $3 soybean mark, the Central Bank managed on Tuesday to break a 23-round losing streak. The agency was able to close the wheel with a positive balance of US$ 2 million after their interventions in the foreign exchange market for the first time since the beginning of March.
This Tuesday, as the market watches the launch of the third round of the soy dollar program and as a first reaction to the latest NVC-mandated FX adjustments, financial dollars will drop. Settled liquidity drops to $399.87 and the MEP’s dollar is below $388. The blue dollar, meanwhile, is up $2 and is nearing $393.
With these purchases, the Central Bank managed to reduce the negative balance accumulated in the first four rounds of this month to 515 million dollars. The agency maintains a loss of more than $3.4 billion this year and went through the first three months of 2023 with sales momentum not seen in the past two decades.
Market sources indicated it was a day with very small volume dollars from agriculture. Trader Gustavo Quintana said volume traded in the cash segment was US$301,750 million, in MAE futures US$290 million and in Rofex US$602 million.
“In the first two days of this week, the wholesale exchange rate was up $2.54, well above $2.21 the previous week, which was shorter due to the Easter holiday,” Quintana added. .
As of Monday, the agency had validated a daily devaluation rate close to 6.3% per month. “If the last 5-day crawling peg rate is maintained through the end of the month, April will end with an average upside of 6.5% m/m, 0.6% below REM forecast,” he said. stated Cohen.
Contributed the economist Gustavo Quintana who seeks: “to be able to evaluate the pace and the amount of liquidations that said advance of foreign currency will finally contribute to offer at least one phase of recovery of net reserves that will serve as a relief”
«However, when the operators recognize that this truce would once again be only transitory – in addition to the related expansionary monetary effects – it is that the financial and free dollars take just a few timid steps backwards since in the background the usual electoral pre-dollarization among the economic agents “, he added.
Charles Arterburn is a seasoned business journalist for News Rebeat, where he provides comprehensive coverage of the latest trends and developments in the world of finance and economics.