While, the MEP -also valued with the Global 2030- increased 1.7% ($3.39) in this round, to end at $209.38after climbing 8.1% ($15.39) last month.
It is worth remembering that in just one week the prices managed to recover up to $25 of the more than $40 they had lost between the end of January and the beginning of April. In a context of high volatility, on Wednesday and Thursday they exhibited a strong decline, to then resume the upward path last Friday.
The search for coverage in dollars was accelerated by several issues, including high inflation that delays nominal variables, and doubts about meeting the goals with the International Monetary Fund (IMF) in fiscal, monetary and reserve accumulation matters.
“Financial dollars in real terms were at their lowest level since the end of 2020. As always, when the dollar goes down it is only to gain momentum and go back up”said Roberto Geretto, from Fundcorp.
While in the external context, the meeting of the United States Federal Reserve this week, in which interest rate increases of 0.5 percentage points are expected, is kept in sight, fears of weak growth in the economy China and the war in Ukraine.
“In January and February, faced with extreme volatility in financial assets in the world, and with the BCRA raising the rate, it was convenient for you to do a ‘carry trade’ in certain short periods. As of March, with the upsurge in inflation, plus a dollar that is strengthening in the world, the investor who operates the CCL dollar began to perceive that it no longer made sense to carry on. In these mechanisms you sometimes have a kind of overreaction. Now the prices have returned to adjust, trying to find a balance above $200,” the director of Rafaela Capital, Fernando Camusso, explained to Ámbito..
official dollar
The wholesale dollar rose 42 cents this Monday to settle at $115.73, under the strict regulation of the BCRA. As usual, the adjustment compensated for the inactivity of the weekend.
In April, the entity led by Miguel Pesce validated a devaluation of 3.9% ($4.30), the highest since the Frente de Todos government took office. Even so, it is worth clarifying that the “crawling peg” continues to run behind inflation that will remain above 5% in April, according to private estimates.
The good news of the day was that the Central began May with a net purchase of US$180 million, the highest in almost two months. Thus, the monetary authority seeks to take advantage of the heavy harvest season to accumulate reserves, after accumulating a meager US$170 million throughout April.
“The agro-export complex made its contribution to benefit the official strategy of recovering reserves with sales that allowed the Central Bank to make the second largest daily purchase so far in 2022. In a single day, the monetary authority totaled revenues that exceeded the accumulated of last month and opens a positive expectation for its objective of accumulating international reserves”, deepened Gustavo Quintana, from PR Corredores de Cambio.
According to reports, the country will have to pay the IMF this Monday US$368 million, which will be seen in a retraction in the balance of the BCRA’s international reserves.
For its part, the retail dollar -without taxes- increased 33 cents to $120.97 for saleaccording to the average in the main banks of the financial system, while in the National Bank the ticket remains unchanged at $119.75 for sale.
But stillthe savings dollar or solidarity dollar -which includes 30% of the PAÍS tax and the 35% deductible of profits- rose 54 cents to $199.60 on average.
The blue dollar snapped its losing streak at the start of May, but still fell $10 short of CCL, according to a field survey in the Black Market of Currencies.
After collapsing $12 in the previous three days, the informal dollar rose 50 cents this Monday to end at $201. However, the gap with the official wholesaler fell slightly to 73.7%, a minimum of 10 wheels.