The blue dollar fell and the Central Bank managed to buy 20 million dollars

The foreign exchange market started the week calmly. The blue dollar fell four pesos and closed at $ 291. Dollars also fell, trading below the $ 280.

In a day of definitions by the Government, which on the one hand confirmed the start of the tariff segmentation and on the other hand recalled the Liaison Table again to define a mechanism that allows to increase the regulations in foreign currencies, the cash dollar with liqui, which is used by companies, fell 2.8%. $ 277.5. The MEP dollar, which is listed on the Buenos Aires stock exchange, also lost 1.4%. $ 276.3.

In the case of the wholesale dollar, the correction on the day was 74 cents, to close $ 135.3an increase of 31% in the year. The gap with the blue, which so far in 2022 rises by 41%, reaches 115%.

At this rate, all the dollars are running back inflation which reached 46% in the first seven months of the year and is expected to add another 6% in August.

“What has been seen in the last few rounds has been a stabilization of financial exchange rates, with investors waiting for the measures that seek to give air and tranquility to the reserves of the Central Bank. Details are still missing, for example, there is still not much information on the exchange rate that the agricultural sector will use, “said Gonzalo Gaviña, financial advisor to Portfolio Personal Inversiones.

“Clear, strong and clear measures are needed anchoring expectations and regularizing financial variables. The market is giving Sergio Massa the benefit of the doubt, but we need facts, a wider range of measures that explain what will be done with the fiscal deficit to carry out a plan and lay the foundations with a production model. “, held.

Central bank purchases

In this wheel the Central Bank bought $ 20 million and thus links four consecutive purchases, for a total of $ 40 million. This allows Miguel Pesce’s team to change the trend of the first part of the month, when he had to go out and sell hard to cover the market demand.

BCRAs accumulated in the first half of the month net sales of US $ 817 millions, 20% more than the amount recorded in the same period last month. From the Cohen group they note that “this deterioration is not due to a lower liquidation of agriculture (in fact it increased by 12%) or to higher energy payments (they decreased by 12%), but would be directly related to the higher demand for import payments of goods and other services “.

“Given the expectation of a change in the exchange rate, demand accelerates and supply waits “, they pointed out

After these market interventions, the gross stock of reserves reaches 37,104 million dollars, $ 200 million less than last week. For Cohen, “the most relevant fact is that andThe stock of net reserves is now just $ 120 millionwhich indicates that the foreign exchange front is more vulnerable at the moment “.

Lower country risk

Like yesterday, bonds performed well, with rises of up to 4%. This allowed the country risk to decrease by 3.5%, 2371 basis points.

The session was bad for the titles, both in Buenos Aires and in New York. Merval drops 0.9% on the Buenos Aires stock exchange and on Wall Street, ADRs show drops of up to 4.4%, as in the case of Central Puerto.

Among the few cards saved from setback, the Supervielle bank stands out, rising by 4.4%.

AQ