The exchange market readjusts itself this Tuesday to the surprise rate reduction that the Central Bank announced on Monday night.
At the opening, financial dollars rebound strongly and erase almost all of the fall they had accumulated so far in March.
Cash with liquid, the way companies use to dollarize, jumps more than 4% and returns to $1,063;
while the MEP dollar or stock market rises 4.6% from a lower level and remains at $1,026.
Where for now the impact of the drop in rates is not felt is on the street, where the price of the blue dollar remains around the $1,005 at which it closed on Monday.
The upward movement in the exchange market comes on a day in which the inflation data for February is expected, the Ministry of Economy faces a debt exchange with the public and private sectors and the banks quickly rearranged the returns they offer for placements. of fixed terms.
The Central Bank "released" the minimum rates that applied for these placements and most entities faced a sharp reduction since they went from the 110% annual rate they had until Monday to a level of between 70% and 75%.
This minor premium puts pressure on the parallel dollar and the exchange rate gap, which had settled at around 20%
In Delphos they warned: "Negative real rates for a longer period of time could boost financial dollars again in the coming days. In this context, carry trade bets support greater uncertainty."
Along the same lines, PPI noted: "The cut in yields reduces the attractiveness of
carry trade
strategies , and, therefore, could mean a pause in the peso appreciation process. However, we maintain our doubts "In our opinion, the evolution of financial dollars depends more on the engineering of the Cepo than anything else."
For PPI analysts, "if the supply of dollars through the 80-20 scheme persists and the demand for CCL continues to be repressed (the BOPREAL Series 3 shows this), it is likely that the effect on the dollar will be relatively slight."