The dollar fell again and was close to the ground without intervention



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Combination very high rates above 58% annually, according to the reference of LELIQ of the central bank, and a consistent offer with export revenues, they enable a convenient transit on the stock market, where the dollar does not react although the inflation rhythm is far from under control.

That Wednesday is a dollar publicly I conclude that $ 38.50 on average in the center of Buenos Aires, by 13 cents or 0.3 percent. Since the beginning of 2019, the currency has lost 0.9 percent. In the Banco Nación branches, the currency has been deducted by 20 cents, at 38.30 pesos.

Dollar wholesaleexchange rate for large transactions of banks, companies and foreign trade, che missed $ 37.37, with a fall of 23 cents or 0.6%, without the need for mediation by the Central Bank, the rate of which was fixed on the day $ 37,331 as the floor and $ 48,311 as a roof.

Closing "again brought the price of the dollar into the lower belt from the area of ​​non-interference and reiterates expectations of probable official interventions to preserve the indication, "he said Gustavo Quintana, from Corredores de Cambio.

"The. T income from abroad returned to dominate the day he is BCRA has repaired courses of the LELIQ competition, "added Quintana, whose average monetary policy rate today 58,782% per annum.

On Thursday, interbank deals will start with the dollar barely a penny and a half above the floor the band without intervening, set to 37,355 pesos.

"Z. T the dollar is calm and in a low float belt "non-intervention band" It seems that the "worst end". We do not stay calm, we keep track of day by day. It's still not solid, "he said. Jorge Fedio, technical analyst Clave Bursátil.

The dollar is accumulating 8% loss from record prices on September 28 last, at $ 41.85 retail and $ 41.25 at the end of the business. At that time. T little more than three months total inflation was close to 12%Because the currency withdrew about 20% in comparison with. t average prices retailers

Financial providers estimate that it is monetary authority will decide to gradually lower the rate Liquidity Letters (LELIQ) as a way to maintain the exchange rate within an area that is subject to a monetary fund that will grow with a rate 2% per month in the first quarter of 2019, in order to avoid the emissions of pesos, which represent the purchase of dollars to increase reserves.

In addition, they were considered positive on the market State financing in foreign currency, by placing letters in the short term. On Tuesday, the government issued treasury bills in dollars (LETES) to 217 days for USD 950 millionentirely in foreign currency.

"Let us remember that the maturity that we were dealing with was related to the same amount, which means that The government has achieved 100% renewal, one good news if we compare it with the need for short-term average refinancing is 46%in accordance with the presented financial program, "they explained Personal portfolio investment.

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