Sunday , February 28 2021

The dollar recorded the biggest monthly decline since October and closed below the zone

He tuned in to the Single Market and Free Exchange (MULC), where the currency fell 16 cents to $ 37.35 and accumulated a loss of 35 cents in January, being below the area of ​​non-intervention established today by the Central Bank between US $ 37,860 and US $ 48,995. The monthly reduction in the wholesale segment occurred in spite of the fact that the Central Bank intervened with purchases of US $ 560 million, in order to avoid a foreign exchange delay, something that, according to the operators, could not specify.

We should not lose sight of the fact that, as reported by Ambito Financiero, the market has deduced that today, or in the absence of tomorrow, the decision of the Central Bank to increase the amount of daily purchases of the current $ 50 million is announced. , which at the time did not have a major impact on the square, to the US $ 150 million initially foreseen in the new monetary policy framework.

"The expectation grows for the effects that the expansion of Central American currency purchases would have – which would be being evaluated – as well as the recent strategy to accelerate the rate reduction rate, in order to rearrange the dollar within the band." , said the economist Gustavo Ber.

In addition, the monetary authority placed on the wheel today Send "Liquidity (& # 39; Leliq & # 39;)" Ringtone to your Cell for US $ 145,000 million at a significant low average rate of 53.687% seven days a year (on Wednesday closed at 54.889%). While the maximum rate granted was 54% and the minimum rate was 51.999%.

"All emerging markets are firming up against the dollar because of yesterday's Fed decision not to touch the interest rate", highlight of the ABC Exchange Market.

It should be remembered that the Federal Reserve of the United States He kept interest rates steady on Wednesday but said he would be patient in raising credit costs this year and pointed to mounting uncertainties about the US economic outlook.

Meanwhile, from the consultancy Delphos Investement, they stated that "this week marked a turning point for issues in pesos driven by the current good financial momentum." During January, there was a recovery in demand for pesos, concentrated on demand for money. speculative ".

And they added that "This was reflected in a reacceleration of the growth of the term deposits, which reaches 6.5% (an increase) in relation to the previous month and a renewed appetite for private placements in pesos, which resulted in an increase in the amount of emissions and a decrease in required yields ".

It should be noted that the currency today abandoned positions along with a very active offer that dismantled the resistance offered by the demand for coverage. The session's minimums were recorded at US $ 36.90 shortly after the start of operations, while in the last hour of trading, securities recovered more intensely, peaking at US $ 37.35.

According to the operator Gustavo Quintana, of PR Corredores de Cambio, the fall of the dollar "contradicts in some way the projections of analysts who anticipated an evolution more in line with the official guidelines that define the values ​​of the zone of official nonintervention."

He also stated that "The persistent drops in the reference rate established by the Central Bank had no effect on the evolution of the dollar that maintained a weakness trend whose reversal seems unlikely in the short term at least".

The decline of the currency in the local market occurs in line with the region. So much that in Brazil it yielded 0.9% on Thursday; in Chile, 1.9% and in Mexico, 0.4%.

Dollar in the world

The dollar depreciated on Thursday after The Federal Reserve has committed itself to being patient in its cycle of increases in interest rates in the United States, an announcement that boosted the euro.

As expected, the Fed held steady rates on Wednesday and, in a formal policy shift, said it would be patient in the face of any further increase due to rising uncertainty in the United States.

The dollar index has lost about one 0.2%, up to a minimum of three weeks of 95.16. In previous operations, it had already lost 0.4%.

Other Markets

In the money market between banks, the call money was operated on an average of 44%.

At the ROFEX US $ 1,785 million were operated, of which more than 45% were settled in the rollover from January to February, operating at the end at US $ 37.06 and US $ 38.60; with a final rate of 47% until it stops operating in January at 2:30 p.m. March closed at $ 39.75 with a rate of 39.75%. Prices were low in the environment of $ 0.25 following the decline of the spot.

In the informal square, in turn, the blue fell 75 cents to $ 37.50 and consolidates below official prices, according to the survey of that medium in caves in the center of Buenos Aires. Meanwhile, "contad con liqui" on Wednesday gave nine cents at $ 37.41.

Finally, the Central Bank Reserves $ 39 million fell on Wednesday to $ 66,406 million.

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