He settled with Single and Free Currency Market (MULC)where the currency dropped to 16 cents US $ 37.35 and $ 35 in January below the inconsistency zone that the Central Bank has created today $ 37,860 and $ 48,995. The monthly decline in the wholesale segment occurred despite the Central Bank intervening with US $ 560 million in purchases to avoid a delay in foreign currency, which, in the opinion of the operators, could not be specified.
We must not forget that, as Ambito Financiero reported, the market discounted the announcement today or tomorrow, tomorrow, of a decision by the Central Bank to increase daily purchases from the current $ 50 million. that there has been no major impact on the area today, to $ 150 million originally foreseen in the new monetary policy framework.
"The prediction is that the expansion of Central American currency purchases would be – what would be appreciated – as well as the recent strategy to speed up the speed reduction in the search for a reorganization within the group," said economist Gustavo Ber.
Even today, the monetary authority on the wheel Liquidity (Leliq) $ 145,000 million with a low average rate 53,687% within seven days (54.889% closed on Wednesday). Although the maximum rate was 54% and at least 51,999%.
"All new markets are bright against the dollar because Fed decided yesterday not to touch the interest rate", highlighted by ABC Mercado de Cambios.
Remember that US Federal Reserve He kept interest rates stable on Wednesday, but said he would be patient this year, raising the cost of credit and pointing to the growing uncertainty about the outlook for the US economy.
Meanwhile, from the consulting firm Delphos Investement, they said that "this week marked a turning point in the problematic pesos, which was determined by the current good financial moment." speculative. "
And they added "This is reflected in the rapid growth in time deposits, which is reaching (increase) by 6.5% compared to the previous month and restoring the appetite for private investment in pesos, which has led to an increase in the volume of funds, emissions and the required yields"..
It should be noted that the currency today abandoned positions, as well as a very active offer that eliminated the resistance offered by demand for coverage. Session dropouts were recorded at US $ 36.90 shortly after the start of operations, but at the last hour of trading, securities recovered at a peak of US $ 37.35.
According to operator Gustavo Quintana, PR Corredores de Cambio, the dollar's fall "somehow contradicts analysts' predictions, which predicted evolution more in line with the official guidelines that set the values of the official non-intervention zone".
He also said that "The continued decline in the benchmark rate set by the central bank had no effect on the development of the dollar, which maintained a downward trend, which would seem unlikely to be abolished at least in the short term"..
The depreciation of the local market is in line with the region. So much so that Brazil gained 0.9% on Thursday; Chile – 1.9% and Mexico – 0.4%.
The dollar in the world
On Thursday, the dollar fell The Federal Reserve is committed to being patient in the cycle of interest rate increases in the United States, advertisement in euro.
As expected, on Wednesday, the Fed maintained stable rates and said it would be patient in the face of a change in formal policy, taking into account any additional increases caused by increasing uncertainty in the United States.
The dollar index lost about one 0.2%for at least three weeks – 95.16. In previous operations it had already lost 0.4%.
Money in the market between banks summon money it was on average 44%.
In ROFEX USD 1,785 million was used, of which more than 45% was achieved between January and February and end at US $ 37.06 and US $ 38.60; with a final rate of 47% until it stops operating in January, at. March ended at $ 39.75 at a rate of 39.75%. The prices were low in the environment of US $ 0.25, which was due to a drop in space.
In the informal field blue fell by 75 cents $ 37.50 and it is consolidated under the official quotation, according to a survey of this environment in the center of Buenos Aires. Meanwhile, "contad con liqui" on Wednesday handed nine cents to $ 37.41.
Finally, Central bank reserves US $ 39 million this Wednesday dropped to $ 66.406 million.