During the closing of the market on Monday and the beginning of the middle circle, expectations of central bank intervention in the foreign exchange market were increasing every hour. Is that it a wholesale dollar close to $ 37,305 yesterday it was stated that the market could below the lower limit of the area without intervention, with which the company could buy up to $ 50 million, as agreed with the IMF.
However, the beginning of the wheel shows the appreciation of the currency, this would end on Tuesday at $ 37.60; above the daily daily modernized floor. At the same time, the Central continued to adjust to the level interest rates through daily liquidity bills (Leliq) up to 7 days, which is reduced to 58.80% per annumthe lowest since August 29, before it was designated as a monetary policy tool.
The interest rate cut, coupled with interest payments, freed US $ 8,100 million in the system, partly resulting in a pressure on the rise in the exchange rate, with the retail dollar that ended behind the wheel amounted to $ 38.63. I mean, Central has given priority over the past few days, while the dollar has remained attached to the ground of non-interference.
"The operators estimated that a A part of the demand for the last half-hour was for banks that yesterday and today they entered the lists that were offered, estimated at 4.75%, they had to buy dollars because they can no longer deposit the pesos at the BCRA reference rate, "he said. Fernando Izzo, by ABC Mercado de Cambios.
870 million USD, Merval cut with rally a bull that has been dragging from 7 days of operationcompared to Monday's closing of 0.3%. Much of the Merval movement was due to the operation of Galicia, analysts of the SBS Group said, who saw the activity of 175 million dollars behind the wheel.
The General Committee led by the victims, such as Transportadora de Gas del Sur (-3.4%), Banco Macro (-2.3%) and Banco Supervielle (-2.2%), also found their balance with some profits, among them are Aluar (2.2%) and Pampa Energía (1.7%). According to the December 26th, the stock index keeps a 19.7% increase in pesos and 23% in dollars.
Also shown was a A slight increase in the country's risk, which was 727 basis points at the closing of the market, which is 2.1% more than on Monday. The value is not low, but it is far from the highest value of 840 points reached at the end of 2018.
In the meantime, bonds in US dollars were closed with a mixed balance, with a decrease in yield in Bonari 24, a measure of 0.42%. Other losses: 4.92% for Bonar 22 and 17.05% for Bonar 36. But The Bonar 2025 (8.95%) and Bonar 28 (8.33%) yields also increased strongly. The bias is maintained on the sovereign debt curve, which rewards additional risk posed by the debt after the elections.
Outside, The certificates on Argentine measures listed on Wall Street in its majority have recorded a slight increase. Of the 19 companies operating on foreign stock exchanges, 12 closed them with a higher value than Monday. Of those who recovered part of the country after 2018, in which the total number of companies with ADR lost approximately 45% of their value, examples are Loma Negra (4.85%) and Ternium (1, 52%).
The beginning of 2019 features a certain degree of calm in the main financial variables, the product of a square of dollars with low demand and an external market which for now has not given too many surprises. In this regard, the Central Bank is still prudent in order to avoid an increase in the exchange rate and expects a response to the market of the first strong economic news: inflation to be announced next Tuesday.