09/22/2020 - 12:04
The blue dollar market is without reference and with few operations.
The banks are unable to reach an agreement with the Central Bank and ANSES to be able to reopen their currency purchase operations through homebanking.
So the only dollar that would remain operational is the MEP and the cash with liqui - for those people who did not buy the official US $ 200 in the last 90 days.
Thus, the blue remains at $ 141. "But that dollar of $ 141 does not exist," says an operator.
"The risks to operations make nobody operate, and so we have been since Friday," he adds.
According to her estimates, 80% of the market is not trading, waiting until things settle down.
On the other hand, the MEP dollar (which is acquired through bond purchase and sale operations) fell 0.2%, to $ 130.76, while the cash with liqui - which allows foreign currency to be withdrawn from the country - fell 0.5 %, up to $ 139.16, after having touched $ 140.
The wholesale dollar (which is operated by banks and companies and is used for imports and exports) is trading up at% 75.64 and the gap with cash is 85%.
The official one with the PAIS tax and 35%,
which cannot be bought, is at $ 131.18.
With the dollar in a rarefied climate, the rest of the financial variables do not accompany.
Country risk, the JP Morgan indicator that measures the surcharge that Argentina pays for borrowing, which had already risen 6.4% on Monday, advanced another 0.5%, to 1,345 basis points.
Thus, in the five business days that ran since the exchange rate tightening,
it has already accumulated an increase of 18.5%
The relief of the indicator was short-lived after the debt swap, when it fell 1,000 hit points due to the replacement within the index of defaulted bonds by the new securities.
From Portfolio Personal, they maintained on Monday that "without room for surprise, the market reaction to the new exchange measures implemented by the Government was clearly negative. Shortly after restructuring its debt, Argentina already shows
a curve with a negative slope
and the Merval returned to the minimum levels it had reached at the beginning of the pandemic ".
"In this context, a bond market that was accommodating itself at the exit of the exchange and was seeking to normalize at rates of between 11.5 / 12.5% per year on average,
jumped to levels of 13/14% per year
, with average parities again in the area of 43 / 43.5%. It would not be strange that, after a rebound, there could be a new correction that pushes towards the area of 14/15% (or more, if you see another negative signal) ", Portfolio remarked.
Buying dollars: ANSES enabled a site to check who is disabled to buy
The sale of dollars in banks is still blocked and it is not known when it will be possible to buy again