Annabella quiroga
02/17/2021 12:54 PM
Clarín.com
Economy
Updated 02/17/2021 12:54 PM
After the extra long weekend, the foreign exchange market
calmly started
the last section of February.
The blue dollar gives a peso, at
$ 149
, while the financial dollars continue the downward trend.
Thus, the dollar saved at
$ 155.5
is consolidated as the most expensive in the market.
The wholesale dollar increases 40 cents at the open, taking it to
$ 88.95
and the retail to an average of $ 94.23.
In this way, the saving dollar, with surcharges included, stands at
$ 155.50.
This Wednesday the financial dollars maintain the downward trend of last week.
The MEP dollar, which is accessed through the Buenos Aires stock market, yields 1.4%, to
$ 145.30.
While cash with liquid, which allows foreign currency to be drawn from the country, falls 1.2%, to
$ 149.7.
With this price level in the official dollar,
"depreciation accumulates 1.9% in February
, at a rate of 3.1% per month. The delay is coming," says economist Bruno Panighel.
This places the dollar behind the inflation forecast for the month, around 3.5%.
$ 88.95 wholesale dollar today.
+41 cents on the long weekend.
depreciation accumulates 1.9% in February, at a rate of 3.1% per month in February.
Ela Traso is coming.
- Bruno Panighel (@bPanighel) February 17, 2021
In this way, the exchange market
is aligned with the expectations
generated after the announcements of the Minister Martín Guzmán, who last week confirmed that the rate of the devaluation will decrease, so that it will not exceed 25% in the year.
This
extends the exchange rate summer
that in the second week of February allowed the Central Bank to accelerate the pace of currency purchases and take US $ 244 million.
Thus, in the month it accumulates net purchases for US $ 403 million.
"The performance of the Central was supported by the good liquidation of agricultural currencies, which in an environment of high international prices and expectations of a rise in withholdings, contributed US $ 430 million last week, accumulating in the first fortnight US $ 911 million, almost the same as what was liquidated in all of February of last year ", points out Martín Polo, chief strategist of the Cohen Group.
"If this rate is maintained,
February would close with settlements of around US $ 1.8 billion,
in line with the 2016-2019 average."
Doldrums
The note of the day is being given by country risk, the JP Morgan indicator that measures the excess rate that Argentina should pay to borrow.
At the start of this wheel it rises 2.6%, which brings it to
1499 basis points.
Thus it returns to the level it had at the end of October.
"The market
still does not find positive drivers
locally, at least in the short term, that generate a strong change in expectations," they explain from Portfolio Personal Inversiones.
And they point out that investors "expect concrete signals", beyond the positive expectations generated by the negotiation with the Monetary Fund.
"The sovereign curve in dollars maintains its negative slope with
punished prices
and country risk very close to short-term highs."
The country risk reflects what happens on Wall Street, where yesterday global Argentine bonds fell about 2% and
today they yield another 3%.
"The dollar curve is still under pressure and inverted on its slope with returns ranging from 19% to 15%," says Portfolio.
In Buenos Aires, the Merval opened on Wednesday with a rise of 1.3% and a rise of 3.3% in YPF.
In New York, Argentine shares are mostly down, with losses close to 4% for Mercado Libre, Cresud and the banks.
In contrast, YPF rises 1.3%.
AQ
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