The blue dollar is trading in the three-week low zone. (EFE)
He free dollar bounced a peso from its three-week low and closed offered at $ 160 in the small marginal market, with a 87% gap with respect to the official exchange rate.
In the market wholesaler the greenback earned eight cents, to $85,55, on a wheel in which they traded USD 202.7 million in the spot segment. In futures, USD 35.5 million were traded on the Electronic Open Market (MAE) plus another USD 278 million on Rofex.
“On another day with supply domain in the wholesale dollar market, the monetary authority obtained a new balance in favor of its intervention “, he commented Gustavo Quintana, operator of PR Corredores de Cambio. Private estimates place the positive balance for the Central at about USD 55 million, approximately, for its cash participation.
At the end of 2020 and the beginning of 2021, a demand for pesos which in turn postpones the demand for dollars and it largely explains the stability of alternative exchange rates.
In three wheels that elapsed this week, the BCRA added purchases for about USD 300 million in the wholesale market
“This demand for weights, under normal conditions it can hardly react, because today the incentive in pesos is very low. Today the fixed terms yield negative with respect to the inflation expected in the REM, it would lose an annualized 12% in terms of purchasing power of goods ”, he stated Nery Persichini, Head of Strategy de GMA Capital.
“Despite having a pseudo and battered ‘financial summer’ where the Central Bank does not lose dollars in the exchange market and the gap (with cash with liquid) fell to 70%, consensus is gaining that when it comes to dealing with currency-exchange imbalances, among the options devalue, unfold or repress, the economic agenda passes more than ever through the last option, “he explained Roberto Geretto, economist at Banco CMF.
“Thus, despite having a relatively calmer context, the year started with a ban to export corn, greater obstacles to import goods classified as ‘luxury’, and also obstacles to import final goods ”, mentioned Geretto.
BCRA reserves reach their highest level in more than two months and are close to USD 40,000 million again
In turn, stock exchange parities of cash with settlement and MEP dollar settled in the 145 peso zone.
“After the last measures, the financial dollars sandwiched a break in its slide even when a greater search for coverage is still in force after the reduction in prices, anticipating a fall in the demand for money and more needs for monetary issuance as a financing mechanism, ”said the economist Gustavo Ber.
The Central Bank resolved make the operation of the dollar more flexible by reducing parking to just one business day -from two- for those who buy an asset in pesos and sell it with settlement in MEP dollars. In addition, the Cable dollar (counted with liquid) was limited, for which the current three-day parking was maintained, with a weekly limit to the number of operations.
“The financial dollars maintained a strong trend positive accumulating an increase close to 3% so far this year. It will be key in this regard to monitor the rate of devaluation of the wholesale dollar and any pressure on the gap in the next round, understanding that the entity’s options to face new exchange rate tensions are limited in a framework of scarce reserves “, the analysts indicated of Personal Investments Portfolio.
International reserves grew about USD 105 million on Tuesday and were located in the 39,709 million of dollars.
“The first rounds of 2021 have been positive for the BCRA, which continued to buy foreign currency – although it should be noted that it did so at a much lower rate than what we saw in December. At the same time that we came to see greater pressure on the implicit exchange rates ”, they added from Personal Portfolio.
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