The blue dollar gives up a peso and falls on $ 202.5 at the opening this Friday, Asi followed the downward trend yesterday, when it fell 1.5 pesos. And it did so shortly after being confirmed by the Central Bank the two -point increase in the reference rate for bring it to 49% in response to 6% inflation in April.

Yesterday’s inflation data was stronger than expected: 6% per month translates to a 58% in the last twelve months, the highest interannual rate in the past 30 years.

Based on this data, Central updated the reference rate for the fifth consecutive month to encourage investors to stay in the peso and thus taking fuel from the dollar.

For the market, this increase has been less liked. “In line with market expectations, the 28-day LELIQ rate rose 200 basis points from TNA of 47% to 49% (TEA of 58.7% to 61.7%)”, summarized in Personal Portfolio Investments (PPI).

“Assuming the inflation expectation for May is already at 5% (79.6% annualized), since core inflation accelerated in April and exceeded the market forecast by 1.1 points, the real interest rate ex before a monetary policy month is will be -9.9% .This shows that, despite the repeated adjustments that took place in 2022, the rate will continue to be very negative, ” directed from PPI

Another negative news is that this week the Central Bank put the brakes on its purchases in the Single Free Exchange Market (MULC). After pocketing US $ 630 million in the first six rounds of May, between Wednesday and Thursday he had to sell US $ 100 million.

In the first week of May, agro-exporters liquidated US $ 1,400 million. The Rosario Cereal Exchange estimates that the month could close with a record liquidation of US $ 4,000 million and the year will end with a favorable balance of US $ 51,000 million.

Central took advantage of this high flow of foreign currency to shop, without the risk that the price of alternative dollars would rise.

Amid the falling blue and rising rate, the attention of operators is on the result you get now the entity headed by Miguel Pesce.

Central’s foreign exchange accumulation in this quarter -the one with the highest liquidation of the field- will be determined to meet the objective of $ 5.8 billion of net reserves established in agreement with the Monetary Fund.

blue dollar down

Like the blue, the MEP dollar and the cash with liquidation opened lower. The MEP is trading with $ 206.38a decrease of 0.1%, and cash with liqui lost 0.5%, at $ 208.17.

On the other hand, bonds started to rise slightly, leading to the country’s risk of falling 0.4%, putting it in 1880 pointsso it remains at levels prior to the Monetary Fund agreement.

Along with this, opened Merval with an increase of 2.4%, while there was a strong increase in parts of Argentina listed on Wall Street, that is bounced up 8.8%, as was the case with Mercado Libre.

AQ