With a little more supply, the dollar stabilizes below 40 pesos


Once you have added six uptrend in the retail marketand five at the wholesaler, the dollar stabilizes It's a bit Tuesday below 40 pesos and 39 pesos, respectively, in both segments.

Agents of the exchange square recognize that around the 39 pesos the interbank offer is a little more nourished and eliminates the pressure of high, then a recovery of more than 8% in the exchange rate since last week.

In the prognosis of banks in the microcentro porteño the dollar is offered at $ 39.82 for sale, with a drop of 15 cents.

In the market wholesaler is sold for $ 38.78, about 27 cents below the previous close.

"O the exchange rate remained within the "nonintervention zone", then the Central Bank did not participate in the exchange market and only made direct sales to the Treasury National Bank, which used the resulting funds to meet different obligations in foreign currency, "said the monetary entity in its last Foreign Exchange Balance.

The BCRA established for this Tuesday as the lower limit of the free floating band $ 35,929, while the "ceiling" of the band was 46,496 pesos.

Since mid-November the dollar expanded appreciationbefore a company money-making position by hedges of institutional investors, with an insufficient supply and a flow of pesos that pressured the exchange rate increase, after the partial renewal of LEBAC last week.

More weights in investors' hands reference rates in gradual decline and the closing of positions at the end of the year boosted the US currency. prices from the beginning of October, in a move that also anticipated the strong liquidity provided by payroll, half of the Christmas bonuses and December bonuses.

"As variables to follow closely will remain, basically – and as it has been for weeks – the evolution of the dollar and interest rates. This is in a table where there are some good signs: inflation is sagging of recent highs, the The current account deficit accelerates its correction and the prosecutor appears to be very likely to exceed the target and therefore brings us closer to the balance in 2019, "he said. Matías Roig, director of Portfolio Personal Investments. "Against, but expected, the activity continues to show a strong recession", he said.

For the economist Gustavo Ber, the dollar's high reaction was due to "a higher demand for coverage prevailed in the wake of domestic and external uncertainties. For this is added the trend of reduction of BCRA rates depreciation of many emerging currencies, which anticipates and accelerates dollarization process of wallets in front of 2019 election risk"

In Search for dealers contributed "that the wholesale exchange rate moved in line with the retailer and the movement that other currencies of the region"in a bullish dynamic" so that the purchases cover the end-of-month obligations and the disarmament carry trade"


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