Financial dollars ended the week higher, driven by the flurry of pesos provided by the soybean dollar and uncertainty re-activated by August inflation data. This Friday, the producers liquidated 368 million dollars and therefore complete 3,564 million dollars in ten working days.

The pesos that growers receive when they set their crop at $ 200 per dollar go to the MEP dollar, which is traded on the Buenos Aires stock market, and then raise the price.

Therefore, the MEP rose 2.3% this Friday and closed at $ 293while the county with liquid, which allows you to legally bring foreign currency out of the country, broke the $ 300 cap and rose 2% to reach $ 301.15. The blue dollar rallied by a peso and ended up in $ 277.

In addition to the soybean dollar, the negative news of August inflation, which was higher than expected at a record 7%, boosted financial dollars.

“After the August inflationary surprise, Cash with Liquidation (CCL) woke up after swinging eight wheels between $ 280 and $ 285,” they point out from Portfolio Personal Inversiones (PPI). “It is the biggest escalation of the CCL in the management of Sergio Massa “.

For PPI, “the unsecured issue of the soybean dollar began to be channeled into financial dollars“And they point out that there is still room for the CCL to keep going up.” The central bank can only withdraw 70% of what is issued to the official dollar. An important detail is that there will be new pesos flows through this route as the soybean dollar expires on 09/30, so for monetary reasons the CCL may have a long way to go. The theoretical value of the CCL is $ 328 “.

“The international context, together with local challenges, has awakened the financial dollars for which return close to a 100% gap.in line with the weakness currently shown by regional currencies, and struggle daily with the financial speculation on the interest rate beyond the already offered actual returns above 100% per annum“, underlined the economist Gustavo Ber.

The unknown is what will happen next week, when the restrictions set by the Central begin to reign and that they disqualify people who signed up to keep subsidies for electricity and gas from operating with both savings dollars and financial dollars.

Other purchases by the Central Bank

The Central Bank continues to strengthen reserves and has managed to buy in this round $ 200 millionwhich leads him to accumulate a favorable balance of $ 2.1 billion so far in September, in what constitutes the best vote since June 2021.

The consulting firm FMyA reports that most of the “arrears” of oilseeds have been settled with the soybean dollar and the Borsa del Rosario estimates that almost 7 million tons have been sold, which would be close to $ 4,000 million. “At this rate, September is expected to exceed the promised $ 5 billion.”

The country risk increases

The JP Morgan indicator that measures Argentina’s excess cost of debt advanced 2.3% and hit 2383 basis pointsdriven by the decline in bonds, which lost about 2%.

Argentine stocks fared badly in New York, where losses reached 5%, as in the case of Globant, and also in Buenos Aires, with an increase in Merval of 0.7%.

AQ