Financiers started the week with a $50 increase
In the first trading session of June, the financial dollar rose in price by more than $50. Thus, free quotes resumed their upward trend after a slight pause last week in a scenario of negative interest rates in real terms, noises about Central Bank Reserves (BCRA) and the liquidation of agricultural exporters, which were smaller. than expected.
He MEP dollar, which is obtained by buying and selling bonds or other financial assets and allows you to dollarize assets legally and without restrictions on amounts, traded at $1,269.91. Thus, it recorded an increase of almost $54 compared to Friday’s close (+4.4%).
Bye, converted dollar with settlement (CCL), which arises from the same transaction and allows for the dollarization of assets and the deposit of currency in foreign accounts, increased by $50 on the same day and traded at $1,297.47 (+4%).
These prices are greatly affected by the liquidation of exporters, as they can allocate 20% of their sales to the financial dollar (and 80% to the official exchange rate), which increases the supply of foreign exchange in the market and causes its price to fall. However, although the field has a full harvest, analysts note that today was a day of little movement.
“Since the emergence of Francos as Senate Chief of Staff has revealed the views on the Basic Law and the financial package, what could be behind the failure of the CCL? Reportedly, The government will have to repay part of the active tranche change Chinese” they added from Personal Portfolio Investment (PPI).
If the executive fails to reach an agreement with the People’s Bank of China to set upcoming repayment dates, US$4.9 billion will have to be paid between June and July. Added to this is the US$2.6 billion that will have to be paid in July for capital and interest from Globales and Bonares. “Consequently, US$7.5 billion will have to be paid over these two months if no agreement is reached on change Chinese (this is not our base script). “This would mean a big hit to net reserves, which we estimate would be negative by US$2.3 billion based on IMF methodology.” they finished.
On the other side, The blue dollar sold today for $1,235. in caves and trees that act in City Buenos Aires This price implied an increase of $10 (+0.8%) compared to last week’s close. In May, the unofficial exchange rate closed up $185 (17.8%).
This Monday, The official wholesale exchange rate was US$898. equivalent to a microdevaluation of $2.50 (+0.3%). This movement sought to compensate for the weekend inactivity and maintained the momentum creeping peg 2% monthly. Compared to CCL, the exchange gap was 44.7%.
“In terms of the peso amount, we continue to see a strong belief in reducing the fiscal deficit. That is, with less intensity basics financial (number of dollars and number of pesos) continue to develop positively. But political uncertainty can have an impact. In the coming months, the currency gap may depend on the political sustainability of the Miles model.– said AdCap Grupo Financiero.
It wasn’t a good day for Wall Street-listed Argentine shares (ADR) either. Today in documents irsa fell to 7.4%, followed by Central port (-5.6%), Edenor (-5.1%), Telecom Argentina (-4.9%) and YAPF (-4.8%).
bonuses Recent debt obligations also operated in negative territory across all of their laws and maturities. Bonares fell to 3.44% overseas (AL35D) and the global market fell to 4.34% (GD29D).
This affected country at risk The index, prepared by JP Morgan, measures the difference paid by US Treasuries (considered the safest asset in the world) compared to the rest of the world. On this wheel, the indicator rose 102 units and closed the day at 1,414 basis points (+7.77%).