The blue dollar flew to $ 337, financials rose, and the gap rose to 160%

The tension on the trade has worsened this Thursday and the blue dollar went up $ 20 on a single wheel. At noon, the account hit its all-time high of $ 338, but then retreated to finish at $ 337. The “advertisement” that government officials have advanced on a possible development of the foreign exchange market has overheated demand.

in the caves, the market panicked. “When the market becomes like this, it is very difficult to trade. You break prices with very little volume and every time a new price is noticed, it rises strongly. We see there is a hedging panic.”

The ticket price has increased by $ 117 in the past 30 days. Martín Guzmán’s resignation from the Ministry of Economy accelerated the request and after the arrival of Batakis the bullfighting deepened. From Tuesday, blue accumulates a $ 46 jump, after the government announced that new measures are being studied to tighten the foreign exchange market.

In the financial market, the situation was almost identical. From the beginning of the wheel, the question asked the cleared cash will jump 10% and the price will register $ 340. Towards the end, sellers started appearing and the price dropped to $ 329.82. The dollar or MEP exchange closed with a daily increase of 6% to $ 321.57.

The operators of the stock market have indicated this after noon there was a strong intervention of the official bodies, which became more evident after the end of the single exchange market wheel. In the official segment, the Central Bank validated a 20 cent rise in the wholesale exchange rate, which closed at $ 129.58.

“With just one round to the end of this week, the wholesale exchange rate accumulates an increase of $ 1.33 and is sure to have a higher final correction than the previous week,” said Gustavo Quintana, of PR Corredores de Cambios. .

Like this, himThe gap between the dollar at which agro-export companies are able to liquidate and the price paid on the black market rises to the historic figure of 160%, a level even higher than that recorded in the weight run in October 2020 and which had not been seen since the late 1980s, when the economy was in hyperinflation.

Jorge Vasconcelos, from IERAL, underlined: “What the 2020 crisis has taught us is that, when distrust sets in, powerful policy tools are needed to reverse deteriorating expectations. On that occasion, after some time, the exchange gap broke through the 100% threshold to approach 65/70% towards the second quarter of 2021, in a path explained by the drop in free dollar prices.

The economist warns that at the moment “the conditions for reaching a turning point in the crisis triggered on June 8 are not yet appreciated”.

The government aims to try to stop the exchange rate going with a virtual deployment of the market so that international tourists they can liquidate their dollars in the formal circuit, but at the value of the MEP dollar. However, the widening of the gap makes this initiative lose all its attractiveness for foreign visitors.

Even, the deepening of the gap appears as an incentive for Argentines to travel and spend in dollarsdespite the recent increase in the price of the so-called “dollar card”, which at the close of this Thursday was 238.58 dollars, almost 100 dollars less than the value of the blue.

One of the main concerns of the market is the lack of the Central Bank’s ability to defend its reserves. The body chaired by Miguel Pesce had to pay $ 50 million on the foreign exchange market to meet the demand of energy importers. In none of this week’s rounds has he been able to avoid losing dollars and this month he has already amassed $ 970 million in red.

The request for hedging was also felt in the futures market, where “there was a significant increase in the volumes traded with increases in implicit depreciation rates while the BCRA maintains an effective monthly depreciation rate on site which fluctuates around 5, 5% “, as explained in Aurum Valores.