The dollar has accumulated five consecutive falls, losing a total of $ 1.68 in the retail market, and it all seems to be possible in the short term to maintain the terms of the sale that the Treasury will begin next Monday for the currencies sent by the International Monetary Fund (IMF).
"Taking into account what this week was and especially yesterday, if we add about $ 60 million a day, we should have a few days of peace. I do not know whether we are going as it was these days but not rising, as he did 15 days ago, before consulting with this, announced Christian Buteler.
The financial analyst explained that "one says that the quotes will be calm, because this is Argentina and this year will be the year in which we will monitor volatility at least until December".
"All the bad data from the economy, or even some electoral data, or from abroad, can lead to a jump in the dollar and a change in direction. We still have a very weak currency and obviously very vulnerable to any movement, either internally or externally," he added. The roots shrunk by 59 cents yesterday and ended at $ 41.31 for the purchase and $ 43.28 for sale in the exchange offices, according to an average made by the central bank. The week ended at the lowest level since March 25th.
Exchange rate over the past few days has been the result of an increase in settlement on the ground and the decisions of banks and companies to abandon their dollar positions in order to benefit from higher returns offered by loans denominated in pesos.
At the wholesale market, where the reference rate for the central bank was set, the currency ended at $ 42.18, with a daily loss of 57 cents and a weekly value of $ 1.75. "The sales trend that emerged on Monday was harsh during the week and the price of the dollar ended at the lowest level since the last week of March" explained manager Gustavo Quintana. Improving the climate has enabled the monetary authority led by Guido Sandleris to moderate the level of reference interest rates moderately.
Like the dollar, it also recorded registered losses in five consecutive days. The yesterday's auction, in which BCRA received letters of liquidity (Leliq) for a total of USD 203,510 million, the average rate of these securities was 66.860% per annum.
Thus, the weekly contraction amounted to 0.519 percentage points. "The long wait is over and on Monday there will be a moment of truth. BCRA will begin with currency auctions in charge of the Treasury, with $ 60 million a day until the election. The pesos will be deposited in the BCRA until they have to be used for fiscal purposes, so the impact on liquidity and real interest rates will be considerable, "the SBS Group said.
The accommodation to be carried out by the national government from the following Monday will allow the calm to be maintained, at least in the short term.. The Mauritius Macri's management got the approval of the International Monetary Fund to jointly invest USD 9,600 million on the market in search of the necessary pesos to settle internal obligations.
Government bonds were other Argentinean assets that benefited from the new scenario, which was translated into a decline in state risk prepared by JP Morgan and compared them with US government bond yields. The indicator reached 6 units, up to 808 basis points.