The foreign exchange market closely follows the reserves of the BCRA
The new measures to further restrict access to the dollar for the import sector announced on Monday by the economic team have an impact on the parallel market, where both the Dollar blue as a financial rebound. On the road, the bill amounts to $ 3 compared to its previous closure e is available for $ 295. Meanwhile, liquidity with liquidation is recovering positions and is trading above $ 300.
At the beginning of the week, the Central Bank managed to buy 140 million dollars on the foreign exchange market and in this way it managed to your best brand in nearly two months. Market sources note: “Over the past eight rounds, $ 280 million has been added and sales for the month were reduced to $ 560 million. There was a lot of demand from SMEs and a lot of liquidations, but also low energy demand.
Meanwhile, PPI analysts argued that the official dollar’s path continues to be erratic: “For the first day, the BCRA took the lead. crawling-peg at a Nominal Annual Rate of daily depreciation of 55.89%, a sharp slowdown compared to Friday (TNA of 63.46%). A more stylized measure, such as the 5-day moving average, fell to 58.87%, remaining below the monthly average of 63%.
In the bond market, after a good start to the week, the results are mixed: there are stocks that rise up to 2%, such as Bonar 2041, which serve to make the country risk drops by 0.5% and is housed in the 2,430 units.
While there is no clear explanation for the rebound in Argentina’s debt, it could be helped by a better performance of frontier bonds, category that brings together countries such as Ecuador, Angola and Nigeria, indicated in a report by Aurum Valores.
The political contextwith the request for conviction of Vice President Cristina Kirchner for corruption on motorways, can influence in the mood of investors.
However, Delphos analysts noted, “We saw late yesterday a positive binding reaction ‘hard dollar’, which would be based on some purchase orders taken on the assumption that a CFK conviction could take her out of a possible presidential race and force her to compete for the senatorial for the province of Buenos Aires “.
“We believe these are reactions based on simplifications that do not take into account the current complex political scenario, which revealed itself in the night “, they said, noting that it is” a judicial sentence with enormous political repercussions that further increases the risk in an already complex economic, financial, monetary and exchange context “.
On the stock exchange, the Argentine Wall Street newspapers extend the positive streak they presented on Monday and increase over 6%, with Banco Supervielle in the lead. With this support, the Buenos Aires stock market rises by 2.3%.
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Source: Clarin
