A little calm After twenty days, the dollar began to fall on Friday. The currency pulls 20 cents in Banco Nación, a $ 45.70, while in some banks it reached 45.70 dollars. Thursday was closed an average of $ 46.08.
In the wholesaler, where companies and banks operate, the dollar falls from 20 cents to $ 44.82. Help to calm the fall of the dollar in the rest of the emerging markets.
On Thursday, after reaching $ 47.50 in some banks and house exchanges, the currency began to decline. The Central Bank's toolkit worked: on the one hand, the rate rose to 71.04% against 68.36% which closed on Wednesday and sold a $ 60m treasury daily.
But also worked with the sale of dollar contracts in the future and official banks came out to get rid of foreign currency to extend the offer.
The collapse of the Argentine peso and connections these days had several explanations. Internal and external, but always reinforced. From one side, research showing that Christina Kirchner defeated Mauricio Macri with 7 or 8 points.
On the other hand, selling Argentine securities with assets –mainly from overseas – expanding the automatic transactions of institutional investors, making it harder to lose. They capture what is called a stop loss: when the amount of rich bonds registers a fall greater than a certain limit, it instantly causes an automatic sales order that, in a context like these days, exacerbates the collapse of Argentine funds, but protects investment capital.
Finally, and thirdly, exchange rate stress is explained by the boundaries that the government faces when it intervenes on the stock market. The program signed with the IMF prevents the Central Bank from selling supplies until the dollar exceeds the ceiling of the non-intervention zone, $ 51.45.