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The dollar dropped 3.4% after the BCRA withdrew circulation $ 106,300 million in three days



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The Central returned to remove market weights (closed the week absorbing $ 105,000 million) without impact on the rate; For Sandleris, the weight still "reacts in excess" to the clashes Source: Archive

he

dollar

It seems to confirm yesterday that, with less surplus weights on the street, the chances of maintaining a bullish course are complicated.
The average price dropped another 1.9% (from $ 38.46 to $ 37.72 for wholesale sales and
from $ 39.54 to $ 38.80 for the public) after a shorter business than usual (for the G-20, the business ended two hours earlier) and then accentuate he

Central Bank

(BCRA) its commitment to a tightly contracting monetary policy not only in the operating, but also in the gestural.

Thus, the ticket scored its third wheel in consecutive loss and accumulated an average decline of 3.4% in that period, after having managed to operate very close to $ 40 on Monday and threatened to return At the maximum levels he touched before booting it was Sandleris. This did not prevent him, however, to close the week (today the markets do not operate by the national fighter) with an advance of 0.2% and accumulate in November a recovery of 5%.

The downturn began when the monetary union decided to redouble its efforts to withdraw market weights, after having carried out the previous week a relaxation test in December (seasonal high season in the demand for money), by allowing the impact of disarmament

Lebac

(That left loose $ 120,000 million) an extra injection of $ 78,000 million is added for the partial renewal of the loan in letters of liquidity (Leliq) that surrenders.

But after checking that this relaxation boosted a jump of almost 7% average in the currency in just two days, he decided to file the trial for another opportunity.

"This week they sold $ 469.267,000 in Leliq and awarded new letters for $ 583,867,000, that is, absorbed more than $ 105,000 million with no higher fee, which on average dropped from 61.40-60, 75% per year. Yes, it's not free: the stock of Leliq reached $ 718,711,000 and the bill to pay for interest, which was $ 63 billion this week, exceeds $ 95 billion next week ", resumed financial analyst Christian Buteler.

"This week, unlike the previous one, it was clearly contractive, with the BCRA absorbing approximately half of what was expanded in the previous week, and the dollar declined part of what had advanced even with reference rate This tends to show that to lower the rate without impact on the dollar, the BCRA must be tense with the handling of the amount of pesos, "noted economist Gabriel Caamaño, of the Study Ledesma.

The strong jump of the ticket between Fridays and last Monday sparked alarms to the Government, which had begun to enjoy the "honeys" of a stabilized market (the end of the bullfight stopped the fall in Macri's image) and it was He was preparing to capitalize – persuading oil companies to lower fuel prices, given the fall in the international price of crude oil, despite the rise in the domestic tax rate in the coming days.

The easing test aimed at lowering the rate once the BCRA was released (next week) to remove the 60% flat rate preventively set to show commitment to its goals. And to generate the feeling that the worst of the crisis was already beginning to lag behind.

But the dollar's reaction forced the BCRA to review plans. "Inflation stays high and our currency still reacts in excess of internal and external shocks," he acknowledged yesterday

Guido Sandleris

, When exposed in the Council of the Americas. "We are aware of the risks to which our economy is facing, so that we will only increase the monetary base if conditions allow it," he said, leaving also in doubt that he makes use of the prerogative available in the " # According to the

IMF

to expand the monetary base in December 6%. "We will do it only if we perceive that the increase in demand for money is not what we projected," he said.

Neither the G-20 helps the debt bonds rise

The bonds of

Argentine debt

they do not manage to recover despite the signals that the Federal Reserve of the United States issued in recent days, admitting that it could pause its slight but sustained policy in the referential rate for this economy. "The lawsuit does not appear, so they fell 25 cents again in the middle section and 50 in the long curve. Thus, in the week they accumulate losses of 1.5 to 2%," he said in a report Sebastian Cisa, from the SBS Group. For this weakness, the country risk rate stays above 700 points (closed at 704), although the indicator floor (set by the rate that yields a 10-year US bonus) It fell another 1% yesterday, to remain at 3.03%.

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