The dollar drops 19 cents to $ 39.75, with the market attentive to Letes and Lecap bidding



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It is in tune with the Single Market and Free of Change (MULC), where the currency recedes 15 cents a $ 38.80 after touching highs at $ 39.11 at the start of the wheel.

In the informal market, on the other hand, blue backs 50 cents to $ 38.50, according to the survey of this medium in caves of the microcentro porteƱo. The "counted with liquidation" climbed yesterday 91 cents to $ 38.72.

It should be noted that the Ministry of Finance will today tender Treasury Bills in pesos and dollars (with maturities of 193 and 116 days, respectively), as well as National Treasury Bonds (BOTE), at a fixed rate, which will expire on November 21, 2020.

The reception of offers will begin at 10 and end on Wednesday at 15, according to the schedule released by the Ministry of Finance.

The foreign exchange market is developing this week in a limited way, as a result of the G20 summit that brings together the world's top leaders and will take place between Friday and Saturday in downtown Buenos Aires.

In that sense, the Central Bank confirmed to this portal that the operations for Thursday will be limited to the schedule of 10 to 13. While on Friday public and private banks throughout Argentina will not open their doors to the public for a " holiday "determined by the authorities within the framework of the leaders summit mentioned.

In yesterday, for a combination of factors, among which we can mention the dismantling of the carry trade and the taking of own positions at the end of the month, the dollar jumped 2.4% or $ 1.44 to $ 39.94 and touched a new daily high since Guido Sandleris landed at the Central Bank. In this way, the ticket accumulated the fifth consecutive rise.

In the wholesale segment the currency soared 3.9% or $ 1.45 to $ 39.05. It happened in a wheel in which the BCRA auctioned Liquidity Letters to 8 days of term and returned to validate a decrease in the rate whose average cut was 61.237% (from 61.405% on Friday). The amount awarded was $ 134,579 million.

"A combination of factors, including dismantling of carry trade, significant maturities of obligations abroad and the inexorable start of the closing and compensations proper to each end of the month seem to have allied to unleash a correction of the dollar with an unplanned magnitude ", assured the operator Gustavo Quintana, of PR Corredores de Cambio.

Despite the ups and downs, Central Bank sources explained that "in the money market the effects of this volatility were not yet perceived as all the LELIQ maturities of the day were renewed with no change in the cut rate."

For the second consecutive month, the BCRA is aiming to surpass the zero growth target of the monetary base, which is why "it will continue to closely monitor the money market to absorb any excess liquidity that may exist," said the same sources.

The green ticket accompanied the appreciation of the quotation in the region, especially in Brazil, where the currency rose 2.5%. In Mexico, the dollar increased by 1.01% and in Chile by 0.2%.

Dollar in the world

The dollar was up on Tuesday, after Federal Reserve Vice President Richard Clarida backed new interest rate hikes, but stressed the importance of assessing economic data as the US central bank approaches a neutral position.

The dollar index, which compares the value of the greenback with six major currencies, advanced earlier in the session, after US President Donald Trump said he expects to proceed with a tariff increase on Chinese imports worth $ 200 billion to 25 percent from the current 10 percent.

Other Money Markets

In the money market between banks, call money operated at an average of 60%.

In the ROFEX $ 1511 million were traded, of which more than 77% was agreed between November and December, with final prices at $ 39.50 and $ 40.92 respectively; and rates of 60.09% and 49.94% TNA. It is estimated that the BCRA was selling in this market. Futures ended with average gains of $ 1.4 accompanying the spot rise.

Finally, the BCRA's reserves fell on Monday, US $ 145 million, and closed at US $ 51,591 million.

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