Tuesday , June 28 2022

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



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The Central again & # 39; issued the market pesos (closed Friday absorb $ 105,000 million) without impact rate; for Sandleris, the weight is still "excessive" shock Source: Archive

the –

dollar

appeared yesterday confirmed that, b & # 39; less overweight road, the possibilities to maintain bullish route are complicated.
The average price fell another 1.9% (from $ 38.46 to $ 37.72 for wholesale and
from $ 39.54 to $ 38.80 for the public) at the end of & # 39; business session shorter than usual (by the G-20, the activity came hours before) and after

Central Bank

(BCRA) its commitment to monetary policy very kontrattiva not only operational, but also in the gesture.

Thus, the card scored the third wheel in & # 39; consecutive reductions and accumulated average withdrawal & # 39; 3.4% in & # 39; that period, having worked very close & # 39; $ 40 on Monday and threatened to return to the maximum levels to touch before starting the Sandleris era. That has not stopped, however, to close the week (today markets do not operate for a national holiday) b & # 39; increase & # 39; 0.2% and accumulate in & # 39; November recovery & # 39; 5%.

The decline began when the monetary entity decided to redouble its efforts to withdraw pesos from the market, after carrying out the week & # 39; & # 39 before the test; decline for December (month & # 39; high seasonality in the demand for money), allowing disarmament

Lebac

(Losing $ 120,000 million) increase over injection & # 39; $ 78,000 million for the partial renewal of debt in & # 39; & # 39 letters; liquidity (Leliq) expired.

But having verified that relaxation resulted in average cross & # 39; nearly 7% in the currency in & # 39; only two days, decided to present the case for another opportunity.

"This week won $ 469 267 million in & # 39; Leliq and gave new letters for $ 583 867 million, ie, absorbed more than $ 105,000 million net of costs & # 39; higher rate, on average decreased from 61.40 to 60.75% year. Free: the stock & # 39; Leliq came to $ 718 711 million and the bill to pay interest, which was & # 39; $ 6300 million this week, exceeding $ 9,500 million to the week -dieħla ", collecting financial analyst Christian Buteler.

"This week, b & # 39; difference from that & # 39; before, it was b & # 39; clearly contractive way, with BCRA absorbed about half of what was extended a week & # 39; before, and dollar withdrawn part of what was advanced even with the rate & # 39; somewhat lower reference. to show that to reduce the rate without impact on the dollar, the BCRA should be annoying with the management of the amount of & # 39; pesos ", noted economist Gabriel Caamaño Study of Ledesma.

The sharp jump account between Friday and Monday nqattgħet alarms in government, which began to enjoy the "honey" of & # 39; stable market (the end of the race set reduction in image & # 39; MACRI) and prepared to capitalize by persuading oil companies to lower fuel prices, due to the decrease in crude international price of oil, although of rate domestic taxes to rise in the coming days.

The test & # 39; reduction was aimed at achieving reductions of & # 39; highest rate since the BCRA was released (the next week) to remove land & # 39; 60% set by & # 39; preventive way to demonstrate commitment to its goals. And generate b & # 39; this way the feeling was the worst crisis continues & # 39; back.

But the reaction of the dollar forced the BCRA to review the plans. "Inflation remains high & # 39; and our currency continues to react excessively against internal and external shocks", acknowledged the day & # 39; before yesterday

Guido Sandleris

, When exposing the Council & # 39; the Americas. "We are aware of the risks facing our economy, so we will just increase the monetary base if conditions allow," he said, leaving little doubt that makes use of the prerogative to be in agreement with

IMF

to expand the monetary base in the & # 39; 6% in & # 39; December. "We will only do this if we see that the increase in demand for money is what you have planned," he said.

Neither the G-20 also helps to recover the debt bonds

The bonds & # 39;

Argentine debt

unable to recover despite signs that the Federal Reserve & # 39; the United States has issued in recent days, and admitted that it could stop its policy of & # 39; light but sustained increases in rate & # 39; reference to that economy. "Demand does not appear, therefore emerged 25 cents in the middle section and 50 in the long part of the curve, so a week to accumulate losses of & # 39; 1.5 to 2 times%," said Sebastián CISA f & # 39 ; report. , SBS Group. Because of this weakness, the risk rate remains the country & # 39; & # 39; over 700 points (closed at & # 39; 704), while the floor indicator (established by leading rate bond & # 39; US 10 years), is a & # 39; 3.03%.

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