Wednesday, November 30, 2022

Dollar Today: Blue Crosses $300 Barrier & Financiers Break Record

There seems to be no limit to the free exchange rates. While tensions in the forex market continue, as a result of the monetary issue, rising inflation, a tightening of exchange rates and a change in statistics in politics, Today the blue dollar broke a new barrier and set a record.

In the second round of the week, The parallel exchange rate was sold for $301, $10 more (+3.4%) than yesterday. It was the highest nominal closing price on record. By way of comparison: it closed the last trading day of June at $239, which is why it has already accumulated an increase of $62 (+25.7%) since Martin Guzmán left the Palacio de Hacienda .

“The state of uncertainty in Argentina is always verified in the rise in the dollar and the present moment is no exception. On the one hand, we have a government that is clearly more responsive to Christina. [Kirchner] than Albert [Fernández], And on the other hand, the reserves are not enough. Now, although it is true that the changes being made by the Central Bank of the Economy (BCRA) facilitate the consolidation of interest rate and reserve requirements, but do not ensure, cover financing requirements for the rest of the year, There is another additional spice that appears on the scene: Import payment in 180 days”Walter Morales is considered the chairman of Wise Capital.

It should be remembered that the free exchange rate was “asleep” during the first half of the year. The only exception was in late January, when the market began to doubt whether the government would reach an agreement with the International Monetary Fund (IMF) and the blue reached $222.50, a record at the time. All doubts cleared, the dollar fell below $190.

But in June when the debt crisis broke out in the peso and Central put into operation the “small machine” to generate the bill, the dollar resumed the upward trend. ,This is all a product of the chaos created by the Central Bank in June, We are still paying the cost, as they have decided not to take the bull by the horns and reverse the elaborate policy they have adopted by buying bonds, as well as support for Treasury and Lelic interest payments. . Here BCRA must demonstrate that it really wants to control the issue, With a strong monetary squeeze. He has to sell all the bonds he has bought, Lelik barely absorbs, And the dollar should adjust calmly under $20-$30 where it is now”, considered financial analyst Christian Butler.

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If June boosted the dollar, July boosted them. Between Guzmán’s departure from the Ministry of Economy and Silvina Batakis’ entry into the scene, as well as the issuance of pesos, the highest inflation and higher exchange rate traps—imports and tourist dollars—since 1990, not only did the blue sky skyrocket: So far this month, MEPs have deposited cash (CCL) with an increase of $49.50 (+19.8%) and settlement of $50 (+20.2%).

This morning, with cable dollars exceeding $300, various market sources confirmed to The nation that returned the call to the table. he called everyone So that the Type C bonds aren’t driven by the screen, which is what, by difference, the CCL puts together for you. But it can be done through the Bilateral Negotiation Clause (SENEBI), which is behind the screen”, he explained to a stock exchange company not to be mentioned. On the same lines, other alycs were also expressed.

City Portena, Buenos Aires 7/4/2022.  Exchange And Movement House In
City Portena, Buenos Aires 7/4/2022. Exchange and Movement House inPATRICIO PIDAL/AFV

it explains why counts with liquidation It closed neutral, although it reached $307 several times during the day. This price, which is usually higher because it allows dollars to be deposited in a bank account outside Argentina and legally, expires on a fixed day. $303,80.

MEP Dollar or “Bolsa”, Which is used to buy greenbacks legally through the buying and selling of bonds and without the exchange trap, visible on the screen $297.14. This was a daily increase of $2 (+0.7%), and a . touched to New record value.

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Looking ahead, can the free dollar continue to climb higher? For financial analyst Salvador Di Stefano, for the time being, not much. Although the dollar is $300. reached a position aboveIt is not trading smoothly and at some point “you have to take profit”. Of course: with inflation running at 90% a year, it could reach $400 by the end of the year.

At the other end of the forex market, The official wholesale dollar sold for $129.14 (+0.2%). This price is moving slowly due to restrictions and controls implemented by the Central Bank. it explains why The difference with blue was 133% and, compared to CCL, 134.7%.

On the windows of Banco Nación, The official retail exchange rate held steady at $135. If 30% PAIS tax is added to the said value and another 35% is added to the profit account, the result is $222.75 . dollar savings on, On the other hand, with 30% of PAIS tax and 45% of income, the price of “Tourist” dollars at $236.25.

Argentinian risk crossed the 2800 mark after yesterday afternoon, a price not seen since May 2020, The index prepared by JP Morgan today fell 18 units to 2792 basis points (-0.6%).

However, since the beginning of July The country risk deposits an advance of 414 units (+17.6%). This is explained not only by local noise, but also by fears of a global deadlock and hopes of a further tightening of monetary policy by the United States Federal Reserve (Fed).

in that respect, bond Touching the lowest level since the last loan swap. However, this Tuesday sovereign titles made a comeback: overseas they increased by 3.5% (GD35D) and, locally, by 4.6% (GD46).

On the other hand, S&P Merval traded at 107,185 units, An increase of 1.7% over the previous close. On Wall Street, most Argentine stock prices showed positive changes: Ternium Papers gained 5.7%, followed by Cressud (+5.3%) and Mercado Libre (+4.9%).

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