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The dollar fell by 3.4% after BCRA seized $ 106.3 trillion in circulation in three days

The central returned to withdraw pesos from the market (a closed week absorbing $ 105,000 million) without affecting the rate; Sandler, the peso is still "too responsive" to shocks Source: archive



It seems yesterday confirmed that with less surplus pesos on the street, its chances of maintaining a bullish route are complicated.
The average price dropped by another 1.9% (from $ 38.46 to $ 37.72 for wholesale and
from $ 39.54 to $ 38.80), which is shorter than usual (G-20, an operation that was concluded two hours ago) and after accentuated

Central bank

(BCRA) commitment to strictly curb monetary policy not only in operational but also gesture matters.

As a result, the ticket earned its third wheel in a row and accumulated an average depreciation of 3.4% during this period, after starting to operate close to USD 40 on Monday and threatening to return to the maximum levels that hit the earlier start of Sandler's era. This did not stop him, however, weekly closing (today's markets do not work during public holidays) with an increase of 0.2% and in November they accrue 5% recovery.

The cut began when the monetary unit decided to redouble its efforts to remove pesos from the market, after examining the mitigation controls last December (a month of money for the season), allowing disarmament


(which lost a loss of USD 120,000 million), an additional contribution of USD 78,000 million was replenished to partially reinstate the liquidity loan (Leliq) debt expired.

However, by examining that this relaxation only caused a nearly 7% average jump in just two days, he decided to file a court case for another chance.

"This week they got $ 469,267 million in Lelik and gave new letters for $ 583,867 million, i.e., absorbed more than $ 105,000 million at no higher cost, which averaged from 61.40% to 60.75% per year. Free of charge: Leliq's share price reached $ 718,711 million, and the interest payment bill, which this week was $ 6,300 million, will exceed $ 9.5 billion next week, "said financial analyst Christian Buteler.

"This week, unlike the previous one, it was clearly limiting, and BCRA absorbed about half that extended last week and the dollar departed from what was improving, even slightly lowering the reference rate. To prove that to lower the rate Without affecting the dollar, BCRA is tedious in treating peso quantities, "said Economist Gabriel Caamaño of the Ledesma study.

The sharp decline in the bill from last Friday to Monday ignited government alarms that began to enjoy the "honey" of the stabilized market (ending Macro's decline) and prepared to capitalize on persuading oil companies to cut fuel prices, given the fall in international oil prices, although the domestic tax rate will increase in the coming days.

The relaxation test was aimed at achieving a higher rate reduction after the BCRA was released (next week) to remove the 60% floor, which was prevented from showing a commitment to achieve its goals. And in that way, the feeling will be that the worst crisis has started to stay behind.

But the dollar's reaction led the BCRA to review plans. "Inflation is still high and our currency continues to react too much to internal and external shocks," which was recognized yesterday yesterday

Guido Sandler

, subject to the United States Council. "We are aware of the risks faced by our economy, so we will only increase the money base, if circumstances allow," he said, leaving doubts that he exercised the prerogative he has in the agreement with


to increase the money base by 6% in December. "We will only do this if we perceive that the increase in money demand is not what we planned," he said.

None of the G-20 countries is improving debt bonds

Bonds for

Argentine debt

they have not been able to recover, despite the recent Federal Reserve signals from the United States, noting that it can put an end to its policy on a small but sustained increase in the level of this national economy. "The demand does not appear, so in the middle section they fell 25 cents and in the longest part of the curve of 50, so they accumulate in the week from 1.5 to 2% loss," reports Sebastian Cisa. from the SBS group. Due to this weakness, the country's level of risk still exceeds 700 points (closed at 704), despite the fact that the floor of the index (at a rate that gives the 10-year US bond) fell by 1% yesterday. , which is 3.03%.

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