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The dollar is the biggest monthly fall since October and is closed down under the zone



He joined with Free and Exchange Market (MULC), where the currency fell 16 cents to $ 37.35 and accumulated a loss of 35 cents in January, which is below the zone of non-intervening that is now established by the Central Bank $ 37,860 and $ 48,995. The monthly decline in the wholesale segment occurred despite the fact that the Central Bank intervened with purchases of US $ 560 million in order to avoid foreign currency delays, something that, according to operators, could not be determined.

We must not lose sight of the fact that, according to Ambito Finance, on a downgraded market today or tomorrow, the Central Bank's decision to increase daily purchases from the current $ 50 million is announced. , which currently do not have a major impact on the square, at $ 150 million initially scheduled in the new monetary policy chart.

"Expectations are rising for the effects that would have on the expansion of purchases from the central US currency – which will be evaluated – as well as the recent strategy to accelerate the rates of rate cuts, looking for an opportunity to rearrange the dollar within the group" , said economist Gustavo Ber.

Also, the monetary authority has set itself on the wheel today Liquidity ("Lelik") for $ 145,000 million with an average rate of significant reduction of 53.687% seven-day (closed on Wednesday 54.889%). While the maximum rate was granted at 54% and a minimum of 51.999%.

"All emerging markets are pushing for the dollar because of the Bank's decision not to touch the interest rate on Tuesday", emphasized by ABC Mercado de Cambios.

It should be remembered that US Federal Reserve He maintained stable interest rates on Wednesday, but said he would be patient in raising the cost of loans this year and pointed to increased uncertainty over the US economic prospects.

Meanwhile, from the consulting company Delphos Investment, they claimed that "this week marked a milestone on the issues of the pesos, fueled by the current good financial moment." In January there was a recovery in demand for pesos, concentrated in demand for money speculative. "

And they added it "This is reflected in the re-use of the growth in time deposits, reaching (an increase of 6.5%) compared to the previous month and the renewed appetite for private placements in pesos, which resulted in an increase in the amount of emissions and a reduction in the required yields ".

It should be noted that today's currency has abandoned positions, along with a very active offer that has abolished the resistance offered by the demand for coverage. The low session values ​​were recorded at $ 36.90 shortly after the start of the operations, while in the last hour of trading, the securities returned with greater intensity and reached a maximum of 37.35 dollars.

According to PR Corredores de Cambio, Gustavo Quintana's operator, the fall of the dollar "is in some way inconsistent with projections of analysts who assume that evolution is more in line with official guidelines that set the values ​​of the zone of official non-intervention."

He also said that "The steady decline in the reference rate set by the Central Bank had no effect on the evolution of the dollar that kept the trend of weakness, whose calculation seems incredibly short-term, at least".

The fall of the currency on the local market arises in accordance with the region. So much so that in Brazil they gave 0.9% on Thursday; in Chile 1.9% and in Mexico, 0.4%.

Dollar in the world

The dollar depreciated on Thursday after The Fed has pledged to be patient in its interest rate rising cycle in the United States, an advertisement that drove the euro.

As expected, the Fed maintained stable rates on Wednesday and, in a formal policy change, said it would be patient before any further increases due to increased uncertainty in the United States.

The dollar index lost about one 0.2%, to a minimum of three weeks of 95.16. In previous operations, it already lost 0.4%.

Other markets

The money market among banks, the call money it was worked on an average of 44%.

In ROFEX US $ 1,785 million were managed, of which more than 45% were agreed to switch from January to February, which eventually worked at $ 37.06 and $ 38.60; with a final rate of 47% until it ceases to function in January at 02:30. March closed at $ 39.75 at a rate of 39.75%. The prices were low in the environment of $ 0.25, accompanying the fall on the spot.

On the informal square, again, on blue fell 75 cents to $ 37.50 and is consolidated under the official quotation, according to a study by the media in caves in downtown Buenos Aires. Meanwhile, contad con liqui on Wednesday gave nine cents to $ 37.41.

Of course, on Reserves of the Central Bank $ 39 million this Wednesday dropped to $ 66,406 million.


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