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For a combination of factors, among which we can mention the disarming of the carry trade and the taking of own positions at the end of the month, andl dollar jumped 3.7 percent, or $ 1.44, to $ 39.94 and hit a new daily record since Guido Sandleris became a member of the Central Bank. In this way, the passage accumulated the fifth consecutive increase in the banks and agencies of the city of Buenos Aires, according to the average of domain.com.
It was in tune with the Single Market and Free Exchange (MULC), where the currency rose 3.9% or US $ 1.45 per $ 39.05. This was the case in a round in which the BCRA held an 8-day auction of liquidity letters and again validated a fall in the rate, whose average cut was 61.237% (from 61.405% on Friday). The amount granted was US $ 134,579 million.
"A combination of factors, among which we can mention the carry trade disarmament, important maturities of foreign bonds and the inexorable beginning of the closing and compensations of each end of the month seem allies to trigger a correction of the dollar with an unforeseen magnitude ", assured the operator Gustavo Quintana, of PR Corredores de Cambio.
Despite the oscillations, Central Bank sources explained that "In the money market, the effects of this volatility have not yet been seen, as all maturities of the day's LELIQ have been renewed without changes in the cut rate."
For the second consecutive month, the BCRA is on track to surpass the zero growth target of the monetary base, which is why "will continue to closely monitor the money market to absorb any excess liquidity that may exist", the same sources said.
The dollar followed the appreciation of the price in the region, especially in Brazil, where the currency rose 2.5%. In Mexico, the dollar rose 1.01% and in Chile 0.2%.
The dollar operated with a clear buying trend and in a scenario of insufficient supply of foreign currency. Prices have risen since the start of the day and have advanced with a boost that has surpassed the correction of last Friday, itself of great magnitude. On average, it closed below $ 40, but there were many banks that offered at the end of the day above that value, as in the case of Galicia, French, HSCB and Itaú.
For operator Christian Buteler, the increase of the green ticket at the domestic level responds to three main reasons. First, the order that the Central Bank made at the beginning of the month of the reserve for the funds that financial entities must keep immobilized in order to discourage the entry of short-term speculative capital. Secondly, the "peso surplus for the disarmament of Lebac last week" and finally, "the decrease of the Leliq rate" that the monetary authority has been implementing.
The lows were recorded at $ 37.25 with the first trading session and were moved almost immediately by the appearance of purchase orders that led to sharp increases in price. The upward mobility of the exchange rate was maintained until the latter part of the day, during which the maximum registration was reached when operating at $ 39.15. The total operation was US $ 724 million, 32.6% more than on Friday.
• Other money markets
In the money market between banks, the call money was operated at an average of 60%.
In ROFEX, US $ 1511 million were traded, of which more than 77% were traded between November and December, with final prices of US $ 39.50 and US $ 40.92, respectively; and rates of 60.09% and 49.94% of TNA. It is estimated that the BCRA was selling in that market. Futures ended with average increases of $ 1.4, accompanying the rise of the spot.
In the informal market, however, blue rose $ 1.50 to $ 39, according to the research of this medium in caves of the center of Buenos Aires. The "cash settlement" rose 91 cents to $ 38.72.
Lastly, Central bank reserves fell $ 145 million on Monday and closed at $ 51,591 million.
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