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Thursday, March 23, 2023

Dollar MEP and CCL bounced higher this week but remained below solidarity

The gaps with the official exchange rate remained around 72% / 73%, the same levels as last week. The regulated CCL closed just above $ 167 but the “unregulated” was between $ 178 and $ 180 according to market sources.

The dollar financial rebounded to the upside this week but remained below solidarity from the constant intervention of public bodies in the bag. The gaps with the official exchange rate remained around 72% / 73%, the same levels as last week.

The MEP dollar registered its sixth consecutive increase this Friday and ended the day at $ 166.48 . In this way, it climbed 0.1% (nine cents) compared to the previous session and in the week accumulated a rise of 0.6% (98 cents).

For its part, the CCL ended at $ 167.17 , 0.1% (23 cents) above Thursday and 0.6% ($ 1.01) higher compared to last Friday.

As has been happening on a daily basis, during the first hours of the round, prices operated with significant increases, which led to the gap with the official exchange rate to a level higher than 77%. Then the Central Bank (BCRA) and ANSES appeared with their usual bond sales, which managed to cut the raises.

In this framework, stock exchange rates ended at prices similar to those shown in the prior to the new official regulations.

It should be remembered that since last week the new controls have been in force, which included the reduction by half of the limit of operations that can be carried out with the bonds that are used to buy financial dollars.

As a result of the new coordinated measures between the BCRA and the CNV, alternative channels were revitalised to acquire foreign currency with legal methods. From this type of operations, which contemplate the transactions carried out in the Bilateral Trading Segment (Senebi) and others carried out on the usual platform but with Ledes, Cedears or ADRs, the so-called “free CCL” or “non-regulated CCL” gained relevance. “.

Market sources assured that the “Dollar ADR”, calculated based on all the ADRs traded, weighted by their volume, stood at $ 180.67 this Friday . Other operators highlighted that the “Cedear Dollar” was around $ 178 / $ 179 . These values ​​are located closer to the blue dollar, which this day reached a new nominal maximum of 2021.

Dollar blue

The blue dollar scored its eighth consecutive rise this Friday, climbing to $ 185 , to be only $ 10 from its historical peak, reached in October 2020.

The informal rose 50 cents , according to a survey in the City of Buenos Aires. In this way, the spread with the wholesale exchange rate reached 91.9%, its highest level since January 4 .

Since Wednesday of last week, the informal price accumulated an increase of $ 9, while so far in July it registered an advance of $ 17 (+ 10.1%).

“All alternative dollars jumped after the BCRA and the CNV released the new regulations. Not because these restrictions directly affect the blue but because of the message, which implies that there are problems to control the dollars. He adds that in the last 30 days the monetary issue increased 11%, which also puts pressure on parallel exchange rates, ” Finance specialist Christian Buteler explained to this medium.

The pressures on the exchange gap occur in a context in which savers increase their demand for coverage in view of the proximity of the legislative elections and in view of the expectation that in the coming months the availability of foreign currency of the BCRA will suffer a decline.

Even so, it is worth noting that for the moment the monetary authority continues to increase its reserves, which this week exceeded US $ 43,000 million for the first time in almost a year.

Official dollar

The wholesale dollar increased by just one cent and reached $ 96.42 , under the constant regulation of the Central Bank. In the week it accumulated an increase of 0.21% (20 cents), the lowest in the last three weeks.

The genuine offer became somewhat more intense in the second part of the session, diluting the rise in prices that corrected downwards, remaining on the end at the lows of the date. The monetary authority took advantage of the closing of the excess supply, to be left with a positive balance of almost US $ 20 million .

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In this way, the entity led by Miguel Pesce accumulated some US $ 145 million in the week and in the month it already acquired more than US $ 1,050 million through its intervention in the official exchange market.

“The income flow of grain and oilseed exporters continued at a good pace this week , contributing to the official strategy to meet purchase requests to meet foreign commitments and to absorb the remainder of the supply, in a cycle that for now is favorable to the objectives of the Central Bank in this matter, “said Gustavo Quintana, from PR Corredores de Cambio.

The saving dollar or solidarity dollar -which includes 30% of the COUNTRY tax, and 35% on account of Profits- grew 10 cents to $ 167.89. In this way, it registered its lowest weekly increase since May (0.1%).

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