After a flat February, with most dollar prices falling, early March awakened the foreign exchange market.
On the one hand, the blue dollar, which until yesterday threatened to break through the 1,000 dollar threshold, advanced by five pesos and closed at $1,050, an increase of 15 pesos over the course of the day. In any case, this year it has only increased by 45 pesos, 4.5%, in the face of inflation that rose to at least 35% in the first two months.
With the entry of the MEP, there was also an increase in the prices of financial dollars $1,053growing by 2.3% and liquidity with inflow of liquidity $1,086an increase of 1.4%.
But the note of the day was given by the future dollar, which It rose 5% and closed at 930 pesos for March.
Dollar futures contracts trade on the Matba-Rofex and the MAE (Electronic Open Market). They are fixed in pesos, tied to the price of the official dollar in the wholesale segment and act as a kind of insurance against possible devaluation.
Until three days ago, March contracts were stipulated at Rofex $875which resulted in a 3.6% jump in the month, just above the official devaluation rate crawling peg of 2% monthly which Minister Luis Caputo promises to continue applying despite inflation continuing to run at a double-digit speed.
But this Friday the jump reached 5%. The explanation is that the market is worried about the announcements that President Javier Milei may make this evening at the opening of the regular sessions of Congress.
One of the versions circulating is that Milei could announce the launch of a coin basketwhich could be read as a first step towardsdollarization.
The currency basket means that legal transactions would be allowed in different currencies: dollars, pesos, reais or euros.
News in development
Source: Clarin
