The average of the day, the currency that operates on the single and free stock market has fallen below $ 37,355, the price of the lower part of the area without intervention, fixed for this Thursday BCRA enabled market action, this time to buy dollars, which was not done more than a year and a half ago (June 2017).
"Sales orders did not fall during the day, which resulted in lower prices", stated the analyst Gustavo Quintana, which led to the dollar drill floors in the area without intervention, on the basis of a recent agreement with the International Monetary Fund (IMF).
So, after 13 hours, the monetary authority announced "one auction of foreign currency purchases in cash," up to US $ 20 million (avoid using the maximum daily amount of US $ 50 million), which it acquired in its entirety – two minutes after it registered it – after the average price of $ 37.3050 per dollar in order to preserve the value of the currency.
The last purchase of a foreign currency issued by the Authority dates back to the beginning of June 2017 when it bought 50 million US Dollars (with a Dollar of 16 Dollars).
However, when an entity conducting Guido Sandleris conducted an auction, the wholesale price not only stopped its downward trend, but He deepened her and closed it with a Drop 29 cents to $ 37.09, 0.7% below the bottom of the "area". This is their lowest price in more than one month. The total volume of trading on the stock market fell by 6% in $ s 603 million.
"The official purchases of small volumes according to the income stream could not create a wholesale dollar reaction that would have touched on the minimums of $ 37.08 in the final part of the session," explained Quintana.
In the banks and agencies of the city of Buenos Aires, the account fell by 31 cents to $ 38.16, which is at least from the beginning of December, relative to the average domain.com.
Fernando Izzo ABC Mercado de Cambios "The arrangement with the IMF was to establish resistance and exchange of support, but it did not determine in what conditions what is left to the BCRA judgment. Today, for the first time, it was verified that this system does not have a fixed price, as the board says, and also not the amount of intervention.
Recall that the previous Monday, The wholesale currency has already exceeded the floor of the non-intervening band during the day. However, the price rose again against the closure, which ended within the "zone", and without the involvement of the BCRA.
For an economist Miguel Kiguel, from the advisory Econview if the BCRA continues "By advocating that the exchange rate will remain on the floor of the group, we should notice an accelerated decline in the Leliq level."
Only towards the end of the wheel, Central confirmed fifth successive Leliq loss, which was on average 58,459% (compared with 58.782% on Wednesday).
The monetary authority has set up liquidity letters for USD 151,332 million (with a maturity of USD 151,371 million), z a 58.747% and at least 57.75%.
"Luxury came today, BCRA has bought $ 20 million, with exchange rate under the floor of the lane and accelerated the reduction of the Leliq interest rate with controlled monetary expansion, with the country's risk decreasing (4 points 704 units)", said economist Eco Go Federico Furiase.
Anyway, at the tables, some have questioned the effectiveness of the official auction mechanism keep the price of the currency within the parameters set by the current exchange and monetary policy.
Other money markets
With a reduced value of the currency, the financial transaction has a peso in the portfolio, and not dollars in the position, repeat for tables.
It's in this context "We have to choose which pesosos assets are the best, measuring the risk and maturity at very high rates, especially for banks, Leliq, call money and currency swaps, all above 58.46% to at least 54%"He described Izzo.
In the informal dollar market on the other hand, however blue sank 50 cents per $ 39.25according to a study by the media in the caves in the center of Buenos Aires. Lately, "contado con liqui" fell five cents yesterday to $ 37.46.
On futures markets ROFEXA total of $ 436 million was negotiated, of which more than 60% were agreed in accordance with the terms January and February, operation to the end $ 38.08 and $ 39.40; 46.87% and 46.61% respectively. All conditions have remained at a loss of at least 40 cents.
On the other hand, however Reserves of the central bank On Wednesday, they rose by $ 127 million to $ 65,944 million.
The dollar in the world
The dollar in the world this quarter rose from a minimum of three months, with depositors who crash against the currency while awaiting the resolution of trade negotiations between the United States and China, the partial closure of the US Federal Administration and Brexit.
Analysts said that the dollar gain was also favorable due to the fall of the euro, as it reached key levels of resistance. "Movements against the dollar that we saw yesterday are stagnating," said Boris Schlossberg, director of foreign exchange strategy at BK Asset Management.
"In the" wait and see "mode, the market is waiting for a resolution on the trade front, the closure of the US federal administration and Brexit, which are three factors that keep the market at the moment." he added.
The dollar index rose 0.19 percent to 95,396 after falling earlier to three-month low. The US currency has weakened in four of the last six sessions since it is Traders say America's interest rates will remain unchanged in 2019.
The minutes of the meeting, led by the Fed on December 18 and 19, showed that there were several monetary authorities to ensure that these rates are stable this year. Investors are now waiting for a speech that will be given by President of the Fed Jerome Powell later in Washington.
"The market is looking for signs that the Fed will halt or substantially reduce the interest rate increase this year," said Dean Popplewell, vice president of market analysis at OANDA. "So far, there are no signs that the interest rate would change, but the pressure on the market is increasing," he added.