By dint of measures and interventions, the tension on exchange rates in the last two weeks of April seems to have begun to ease, even if uncertainty remains high. The blue dollar fell for the second day in a row and closed at $468, one weight less than its Friday price. In the financial market “shielded” dollars are kept: eThe MEP dollar advances 0.4% just above $431 and the CCL piles up to a new low and reaches $447.
Since the new inventory adjustments established by the CNV went into effect this Tuesday, both financial prices have recorded declines of 1.3% and 1.1%. The Government are satisfied with the result of the strategies implemented since last Tuesday, when the leap of the blue dollar pushed prices up to 500 dollars. Even if they warn “it’s a day to day”.
In the wholesale segment, the Central Bank continues to fight for stop losing reserves, but managed to ease the daily rate of devaluation, after last week bringing it to almost 10% per month. At the same time, the relative “calm” in the market has allowed agricultural exporters to make their biggest sale since April 21. Market sources indicated that exporters sold just over $151 million.
All in all, and with minimum reserves exceeding six years, Centrale could not capitalize on this increase in liquidations and again ended up with a negative balance due to its intervention. ANDThe agency parted ways with $18 million and extended its sales streak. On the market they indicated, in any case, that it was “the lowest amount since January of this year”.
On the futures market, after days of sharp increases, contracts also fell and the implicit possibility of devaluation for the next few months decreased. Foreign exchange trader Gustavo Quintana, of PR Corredores de Cambio, said at the end of the conference: “The Rofex futures market has been trading at losses on all terms.”
In this sense, financial advisor Salvador Vitelli underlined that the rates implied by an exchange rate hike in the coming months remain high and have begun to recede. “There is no doubt that for now they continue with quite striking values, but yes, today they ended up going down a bit, especially the curve from August and December to November, where there are already declines between 1, 5 or 2%, depending on when you look at it”.
For the analyst, this reduction is due to a scenario of a certain “recomposition” of the market. “There is no strong intervention to bring the market down. The trading volume has also decreased significantly,” he said, adding: “Nearly one and a half million contracts were traded in the May position, and now at May only had 170,000 contracts traded in the state. So it’s a radical difference in terms of trading volume, which is relatively low considering it’s also the beginning of the month.”
Source: Clarin
