The dollar fell 60 cents after first Treasury auction with IMF money

The dollar responded with a drop of 60 cents, more than 1.30%, to the first auction of dollars that the Central Bank (BCRA) made today in two tranches on account and order of the Central Bank ( BCRA ) and thus scored its sixth consecutive low.

At the first round with the highest offer for sales of dollars with IMF money, new income from dollars was added by liquidating the field and disarming positions.

The banks were disarming positions , foreseeing that something more than dollars will be in. The dollar made its biggest low at noon and then finished a little bit higher,” said Claudio García de Oubiña Cambios .

In the wholesale market, the bill lost fifty six cents and closed at $ forty one, Sixty two in the MULC, while in the retail market the currency fell 60 cents, which perforated the $ Forty three and ended at $ Forty two , 60 on the screens of Banco Nación (BNA). The blue dollar was placed in the $ Forty three, 50.

The average between banks that makes the Central fixed the price in the $ Forty two, sixty four, sixty five cents above Friday.

The volume traded in the cash segment showed an increase and reached the united states733,621 million, without operations in the future MAE segment.

For this Monday, the zone of non-intervention exchange fixed a floor of $ 39, seventy three and a ceiling of $ fifty one, forty one.

The Central Bank made an auction for the united states60 million on behalf of the Ministry of Finance, in two states, in which united states30 million were awarded each. In the first the price was $ forty one.55, while in the second the average price was $ forty one.6538.

The monetary authority also carried forward two Leliq auctions that brought the monetary policy rate to sixty six, 85%, just below sixty six, 87% on Friday. $ 198,135 million were awarded, less than the $ 200,000 announced, in a round with maturities of $ 197,763 million.

The Argentine peso was the emerging currency with the best performance in the region , with an advance of 1.35%.

Martin Vauthier, economist and director of the consultancy Eco Trot, considered that what is seen these days “is an uncoupling between what is the dynamics of the exchange market and country risk, the bond market.”

“We have a market of changes with unstable stability, with a demand for money sustained by a very high true rate and the sales of Treasury dollars that started today, added to the period of greater seasonality in the liquidation of currencies that comes from some time ago. days, “he summarized.

However, he warned that the country risk that ” was parked over 800 and that generates the country to maintain the adjustment through a true exchange rate or very high rate that is what we are having”.

Mauro Mazza of BullMarket Brokers recalled that “there were the cuts of the Bottles 2023 and 2026 bonds, which represented some united states280 million dollars, all for Templenton, there may be the floor of this strong appreciation”.

“You see a lot of sale of flour and oil, to put it in perspective, each soy ship is two and a half of corn, and that’s what we’re in. We’re in a united state105 million liquidated per day for tomorrow and Wednesday,” he said. that “Templenton could sue them on Wednesday or Monday 22 per market, after that, there comes a strong appreciation of the peso”.

Fernando Izzo of ABC Mercado de Cambios was cautious about the first day of auctions: “as a technology to wait the first day of testing was successful, achieving its purpose, but does not guarantee that with the passing of days suffer alterations, nor will find the tranquility of a stagnant lake. “

Last week the ticket scored five consecutive wheels down after weeks in which the market overheated and the currency came to flirt with the $ forty five. In this way, accumulated a recession of four%.

IMF tenders

The Central informed this morning that the auctions of dollars on account and order of the Ministry of Finance began today.

The daily amount to be auctioned will be from united states60 million dollars until reaching an accumulated total of united states9.600 million. The mechanism consists of two daily auctions, one at 12:00 and the second at 14: forty five. The entities will have a lapse of 3 minutes to upload their offers.

With these funds and this rhythm of daily auction, the Central has enough money for a hundred and sixty wheels, which not only reaches the stage of volatility in the elections next October, but it has money to continue with auctions until the first days of December even when the electoral contest is already defined.

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