The blue dollar goes up.
The third week of August closed with the dollar counting on liqui exceeding the $ 300 and the blue dollar inside $ 295. The dollar used by companies has not exceeded that ceiling since the end of July.
In this Friday’s trading session, cash with liquidity or CCL rose 2.2% and closed at $ 300.30. He advanced six pesos in the day and with that he consolidated four consecutive rounds on the rise.
The upward path was also traversed by the blue dollar, which ended the week in $ 295two pesos more than the previous day.
The MEP dollar, the operation which is listed on the Buenos Aires stock exchange, rose by 1.7%, a $ 292.1. With this, the CCL is consolidated as the most expensive on the market and brings the gap with the wholesale exchange rate to 112%.
Cash advance with liqui reflects some impatience in the market in the absence of more specific definitions by the Government. Although the Central Bank’s rate hike last week, which brought the key rate from 60 to 69.5%, brought some calm, the calm didn’t last long.
The increase in incentives to stay in pesos has decompressed the demand for alternative dollars. But given the lack of definitions, the investors’ bet remained on the side of cash with liqui.
Another point that contributes to increasing distrust in the market and betting on the dollar again is the Central Bank’s difficulty in adding reserves. Although the monetary authority has made purchases for six consecutive days, the amounts it has pocketed are small.
This Friday he took $ 5 millionif it carries US $ 140 million on the last seven wheels. This does not make up for the $ 800 million that had to be sold in the previous weeks.
With difficulty in inflating the net reserves, which are found less than US $ 1,000 million, the Central was limiting the rate of rise of the official dollar. “In the week just ended, which was short due to Monday’s holidays, the wholesale exchange rate rose by $ 1.58, far from the $ 1.70 increase recorded in the previous week,” said operator Gustavo. Quintana.
The wholesale exchange rate has ended $ 142.3, an advance of 3.6% so far this month. During the year, the increase was 32.5%.
In this wheel were operated in the Single and Free Trade Market (MULC) $ 238.477 million in the cash segment, while in futures in the Electronic Open Market (MAE) the transactions amounted to 30 million dollars and in Rofex, 335 million dollars.
“The Central Bank continues to support without giving up reserves on the spot but the regime is still very fragile and with no signs of improvement“Economist Andrés Reschini tweeted.
bonds fall
Argentine dollar bonds continued to decline in this round: they lost around 1% and thus country risk started to rise again.
The JP Morgan indicator that measures the excess rate of Argentine debt increased by 0.9%, a 2468 basis points.
But in this wheel, the worst part was the actions. Merval lost 0.4%, with the central panel alternating highs and lows in the Buenos Aires stock market.
In New York, Argentine stocks plummeted. What fell the most was Mercado Libre, with a decline of 6.9%.
This time ADRs were plagued in part of the New York Stock Exchange. The week ended with fears of US bond rate hikes, dollar and oil hikes.
At the closing bell, the Dow Jones lost 0.86%, the tech Nasdaq 2.01% and the expanded S&P 500 index, 1.29%.
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Annabella Quiroga
Source: Clarin
