With record volume, the dollar closed a week of slight rise


Due to a significant increase in the offer, the foreign exchange market today marked the record for operations in 2019, the US. There. $ 1.013 million. With a rise in the sales of non-soy exporters, banks and several companies, the retail dollar today has 45 cents to $ 46.04 in the average of the banks of the city of Buenos Aires. The wholesaler has a straightforward decrease in price and ended up at $ 44.80 with another strong official intervention. Thus, the exchange rate closed the week with a 1% rise compared to last Friday.

The sharp drop in the price of soybeans below US $ 300 per ton, the lowest level since 2008, hurt the liquidation of agriculture, which is less than $ 100 million a day. However, today there are other sectors that have contributed to the increase in supply.

The operator Fernando IzzoAbc said sales of non-traditional export items were added and "a lot of sales of banks were selling, some companies and investors were changing portfolios."

In this way, and with buyers willing to take a good part of that big deal, the volume of operations is soaring to this year's record.

Meanwhile, the BCRA again played hard to edge up the decline. In addition to the daily sale of There. 60 million US dollars There. On the Treasury account, the entity is involved in the futures market and is pledging another $ 23,000 by the two Leliq liquidity auctions, with the target of drying the peso place to avoid dollar pressure. Despite this absorption, the average rate fell four tenths and stood at 72%.

Before a new monetary adjustment adjustment with the objective of merging the exchange market during the campaign, the central $ 121,730 million absorbed in the week. Thus, the stock of Leliq once again exceeded one trillion pesos and ended up in $ 1,091,901 million, a potential source of exchange pressure that could explode if the savers of fixed terms in terms of dollars and force the banks to give up. From your letter.

For now, analysts deduct that volatility will continue to be the order of the day driven by external swings and local vulnerabilities: rising inflation expectations, high country risk, government's political weakness in the face of the crisis and growing crisis. Electoral climate.

In any case, the unknown is when and how the BCRA will appeal the new possibility of selling reserves to deal with the exchange rate shocks. And, of course, what impact their interventions will have.

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