Saturday, November 27

Dollar CCL approached $ 220 and the gap climbed to its highest level in more than a year

For its part, the MEP, or “bag”, climbed 1.1% ($ 2.79) to $ 205.82, and consolidated above the blue, which closed the day at $ 201.

It should be remembered that last week stock exchange rates shot up to 16% (almost $ 30). After the elections, there was less intervention by the Central Bank in the stock market, with the aim of avoiding continuing to lose reserves to control a gap that was also slipping through other channels (“free” CCL and MEP).

The economist Gustavo Ber argued that the reduction in the intervention in the bond market must be accompanied by other measures to “mitigate a gap that is not sustainable, such as the acceleration of the” crawling-peg “or even an eventual doubling.

However, it is worth noting that the Minister of Economy Martín Guzmán ruled out in recent days any major adjustment in the rate of devaluation of the peso.

The blue dollar fell 50 cents and closed at $ 201 compared to Friday’s price, according to a survey by Ámbito on the Black Market of Foreign Currency. As a consequence, the gap with the wholesaler officer dropped by 100%.

So far in November, the informal dollar accumulates a rise of $ 3.5. Likewise, throughout October the informal dollar rose $ 11.50 (+ 6.2%) due to high inflation, exchange controls, fiscal deficit and strong country risk, which fueled devaluation expectations and put pressure on the currency, which it tends to jump sharply with just a few operations.

Anyway, so far in 2021 the parallel accumulates an appreciation of $ 35 (close to 20%), well below the accumulated inflation of 2021, higher than 41%.

Official dollar

The wholesale dollar, for its part, advanced 19 cents and finished the wheel at $ 100.65, under the strict regulation of the BCRA.

After two days with currency sales, the monetary authority managed to end this Tuesday with a positive balance of US $ 20 million.

“In the first round of the week reduced by yesterday’s holiday, a scenario was presented somewhat more favorable to official claims, with an offer that prevailed slightly during its development. Revenues from abroad contributed to the monetary authority interrupting its string of sales for the month, “said a market source.

“The adjustment of the wholesale exchange rate was again meager taking into account the inactivity in the long weekend, a figure that continues to confirm the official strategy in the matter. The holiday in the United States next Thursday will also contribute to reduce the habitual activity in the domestic market, reason for which a slight improvement in the operations in the morning wheel is likely “, the operator warned.

In this frame, the savings dollar or solidarity dollar -which includes a 30% of the COUNTRY tax, and a 35% on account of the Income Tax- rose 12 cents to $ 174.95.

Dollar in the world

The dollar index, which measures the U.S. currency against a basket of six other globally representative currencies, closed near 16-month highs after US Federal Reserve Chairman Jerome Powell was nominated for a second four-year term, reinforcing market expectations that the country’s interest rates will rise in 2022.

Powell’s new appointment supports the view that the Fed is likely to start raising rates in mid-2022., once your bond buying program ends.

The benchmark closed almost unchanged at 96,461 units, slightly below the 16-month high of 96.61 it reached during Asian trading hours. Against the yen, the currency rose to its highest level in four and a half years.

At the same time, among emerging currencies, he highlighted that the Turkish lira suffered a historic devaluation as its price plummeted by 13% against the dollar and the euro.

The collapse had begun last week, following the decision of its central bank to lower interest rates, at the explicit request of President Recep Tayyip Erdogan, an action contrary to what most of the world’s central banks have been carrying out.

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