Argentina is seeking a program of extended facilities before the international financial organization to renegotiate a loan for US $ 57,000 million, of which some 44,000 million dollars have already been disbursed.
“It starts on Tuesday and after a start to the week with a majority of green (rise in bonds and shares) within the local market, the focus remains on the mission that the IMF has been carrying out,” said the consulting firm Portfolio Personal Inversiones.
At the same time, the Chamber of Deputies began to debate on Tuesday a bill that seeks to raise about $ 300,000 million pesos through a unique and extraordinary contribution of great fortunes to finance state aid in the midst of the coronavirus pandemic.
The project is promoted by the Government coalition, which seeks to raise funds to be able to face the increase in public spending in the context of the crisis aggravated by COVID-19.
From Ecolatina, they pointed out that “in this context of high uncertainty and many doubts about the government’s direction, in addition to a weak relationship with the markets -and the middle class-, many people choose to dollarize their savings (…) The dollar Parallel also operates as a financial refuge, “said the consulting firm Ecolatina.
Roberto Geretto, an economist at CMF bank, stressed that “if there are no more forceful monetary and fiscal measures, it is very likely that the (exchange rate) gap will increase again. A good start would be to reduce the primary deficit budgeted for 2021 from 4.5 % to 3.5%, which would imply a lower degree of monetary issue. And even so, it is not going to be easy to stabilize a macro with a gap of 80% “.
The dollar “solidarity” -which includes 30% of the COUNTRY tax and 35% on Profit account-, closed stable at $ 141.24, since the retail average remained at $ 85.60. At Banco Nación, the bill ended at $ 85.25.
In the wholesale segment, the currency totaled seven cents to $ 80.04 on a wheel that the decrease in genuine supply once again required official assistance to meet demand in the wholesale segment. Sources of BCRA They indicated to Ámbito that the monetary authority sold US $ 39 million.
It should be remembered that in the previous round it ended with a positive balance after consecutive four-wheel drive, buying more than $ 40 million. “After the promising start of the week, the monetary authority suffered loss of reserves due to exchange regulations that maintain the negative bias for the month, now at US $ 44 million,” said analyst Gustavo Quintana.
In a wheel of very low volume traded, the US currency operated very lateralized around the regulation value set for today by the Central Bank. Prices settled early in the level tolerated for the date by the enforcement authority and remained almost unchanged until the end of the day.
The minimums were recorded with the first agreed operation, at $ 80.03, six cents above the previous end and barely advanced to maximums at $ 80.04 when the sale value of the Central Bank moved slightly upwards at times of increased demand pressure. The genuine offer did not look as significant as at the beginning of the week, forcing official interventions that, in addition to setting a limit to today’s correction, met authorized purchase orders without an appropriate counterpart of private income.
The volume registered a significant drop to $ 131,250 million, the lowest level since last September 7, only comparable with days coinciding with holidays in the US, the local scenario reproduced the negative conditions that prompted official interventions.
Yesterday, gross international reserves grew by US $ 14 million to US $ 39,115 million.
The Central Bank set the new rate of Liquidity Letters (‘Leliq’) at 38% for 28 days on Tuesday, from the previous 36%, as previously announced, operators said.
They indicated that the entity placed $ 235,183 million, before a maturity of 246,892 million pesos.
The BCRA has just ordered another series of changes in its interest rates to remove pressure on the exchange market.
Thus, last Thursday it announced an increase in the yield of the ‘Leliqs’, due to a jump in inflation in October, as well as an increase in passive passes to 32% and 36.5% to seven days , and fixed terms with a floor of 37%.
Dollar in the world
The The dollar fell to a week low on Tuesday affected by optimism about a coronavirus vaccine, at a time when the outlook for the currency remains pessimistic as the Federal Reserve and the US Congress are willing to do more to support the COVID-19 economy.
The euro, the British pound, the Swiss franc and the yen rose against the dollar, while the Chinese yuan reached its highest level against the US currency since June 2018.
Moderna became the second U.S. pharmacist to report positive COVID-19 vaccine trial results in a week.
“We’re still seeing that optimism for the vaccine continue with yesterday’s news in Moderna,” said Edward Moya, senior market analyst at OANDA in New York.
“But the key story remains COVID-19 and the short-term pressures it will exert not only on the United States, but also abroad, forcing Congress or the Federal Reserve to do more,” he added.
Half morning, The dollar index fell to a week low against a basket of major currencies, and shortly thereafter was trading at 92.357, down 0.2%.
Economic data showing US retail sales rose less than expected in October had minimal impact on the dollar.
Retail sales increased 0.3% last month, the Commerce Department said Tuesday. Economists polled by Reuters had forecast that they would rise 0.5% in October.
The parallel ticket fell $ 10 the previous day and discounted part of the $ 23 advance registered in the three previous consecutive days.
Consequently, the exchange rate gap with the official wholesale dollar remained above 100%.
The blue had rebounded between Wednesday and Friday of last week due to the resurgence of demand, which found no support in genuine supply.
Let us remember that on Tuesday of last week, the exchange rate gap had fallen to 87%, while at the end of last month it reached 150%.