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Saturday, December 10, 2022

Dollar Today: Blue rose again and ‘counted with liquid’ $300 . exceeded

Today the Dollar Counted with Liquidation (CCL) again jumped $6 and exceeded $300, a hurdle that was left behind at the end of July.Due to more outflow of dollars from foreign investors. While the market awaits more announcements by the Economy Minister, Sergio Massa, with a particular focus on accumulating reserves and the fiscal deficit, The blue dollar climbed again and Argentinian shares traded in negative territory.

at the end of the week, Parallel exchange rate in downtown Buenos Aires $295 . was sold in, two pesos higher (+0.6%) than the previous close. Prices were higher in other parts of the country: in Tierra del Fuego and Santa Cruz it was offered for $300; In the interior of the province of Buenos Aires, Cordoba, Salta and Santa Fe, at $298.

The same trend was repeated in financial exchange rates, rising for the third consecutive round., MEP Dollarswhich allows Argentina to be dollarized by buying and selling bonds, was sold to $292.11. This was a daily advance of $5 (+1.7%).

The dollar counts with liquidation, instrument used to transfer foreign currency to a bank account outside Argentina, jumped over $6 and remained at 300.35 (+2.2%), It surged near $10 yesterday, causing the price to cross the $300 barrier this Friday, a figure that hasn’t been seen since. serge massa He was assumed as the Minister of Economy, Production and Agriculture.

“Which one is that Driver Behind this growth? On the flow side, investors were seen exiting TO26, which could have pushed CCL, In parallel, today the readjustment period for Cedar’s holdings in the hands of legal entities is coming to an end (they cannot exceed US$100,000 since 08/19), hence the sale of this instrument (that is, arbitration). by, submerge the CCL) may have started to disappear from the last few days. From a macro point of view, it could be worth that the new minister is wasting precious time without announcing concrete measures”, he listed from Personal Investment Portfolio.

According to the firm, the dollar counted with liquidations today is “relatively cheap.” This conclusion comes from a comparison of the growth of monetary aggregates (private M3) against ‘cash in cash’ since Alberto Fernandez took office. Today the “convergence” exchange rate of these two variables is $311.

“Even in a state of control, It would not be unreasonable to see it in those values. Massa has under his control that it does not derail with Batakis (CCL went far beyond the development of the private M3) by having the political power to deliver the necessary financial signals. It is not up to anyone but himself that his honeymoon goes on.”That which has been completed.

In the same vein, Lucas Yache, Head of Strategy and Investments at Libre Capital, emphasized that To maintain calm trend, market expects “strong” fiscal cues and accumulation of reserves, “The doubts about these last points are not minor,” he warned.

Exchange Rate Difference Over The Last Ten Years As Per Ppi Graph
Exchange rate difference over the last ten years as per PPI graph

The wholesale exchange rate, a reference price in foreign trade and which the Central Bank moves slowly, appeared on the screen $136,15 (+0,3%), Unlike the blue dollar, The difference between the two was 116%; The highest price in the market today was 120% as compared to CCL.

“Barely three weeks and the hope that the new economy minister can achieve favorable results in his administration has already begun to be disregarded. Poor inflation data for July and measurements for August show that many advances in anti-inflationary matters will not be made in the short term. Delay in receiving foreign exchange is another front where no specific announcement was made beyond a measure to keep the pre-financing of exports within the gross reserves”, he added to the LCG Economic Advisory.

On the other hand, the country today risked upgrading 22 units and stood at 2468 origin points (+0.9%)., This movement is explained by the casualties presented by bond In the last loan swap: overseas they fell to 2% (global 2046).

,Also affected by this climate of impatience, sovereign bonds collapse again, which wipes out the share of the profits they have accumulated. since last week. At this point in time, the average price of sovereigns is US$24, losing attractiveness to the daily dynamics of the market beyond discounting the worst restructuring scenarios”, he indicated to Cohen Investments.

S&P Merval was down 0.4% at 131,009 units. On the New York Stock Exchange, Argentinian stocks that operate there declined: Mercado Libre papers sank 6.9%, followed by French Bank (-6.2%), Despegar (-5, 3%) and Banco Macro (- 5%).

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