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The future dollar jumped 5%, with an eye on Milei's speech tonight

2024-03-01T20:43:58.631Z

Highlights: The future dollar jumped 5%, with an eye on Milei's speech tonight. For March, the currency is trading at $930. The blue closed at $1,050 on the day, an increase of 15 pesos. So far this year it has increased only 45 pesos, 4.5% against an inflation that rose to at least 35% in the first two months. The market is concerned about the announcements that President Javier Milei could make tonight at the opening of the ordinary sessions in Congress.


For March, the currency is trading at $930. The blue closed at $1,050


After a flat February, with most of the dollar prices falling, the start of March woke up the exchange market.

On the one hand, the blue dollar, which until yesterday threatened to break through the $1,000 floor, advanced five pesos and closed at

$1,050

,

an increase of 15 pesos on the day

.

In any case, so far this year it has increased only 45 pesos, 4.5% against an inflation that rose to at least 35% in the first two months.

There was also an increase in the quotes of financial dollars with the MEP at

$1,053

, an increase of 2.3% and the cash with liquid at

$1,086

, an advance of 1.4%.

But the note of the day was given by the future dollar, which

rose 5% and closed at 930 pesos for March.

Future dollar contracts operate on the Matba-Rofex and the MAE (Electronic Open Market).

They are set in pesos tied to the price of the official dollar in the wholesale segment and act as a kind of insurance against a possible devaluation.

Until three days ago, March contracts on the Rofex were agreed at

$875

, which implied a jump of 3.6% in the month, barely above the official devaluation rate, the

2% monthly crawling peg

that the minister Luis Caputo promises to continue applying even though inflation continues to run at double-digit speed.

But this Friday

the jump reached 5%.

The explanation is that the market is concerned about the announcements that President Javier Milei could make tonight at the opening of the ordinary sessions in Congress.

One of the versions circulating is that Milei could announce the launch of a

basket of currencies

, which could be read as

a first step towards dollarization.

The basket of currencies means that legal transactions would be allowed in different currencies: dollars, pesos, reais or euros.

News in development

Source: clarin

All business articles on 2024-03-01

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