Analysts and operators observe more and more closely what happens with the dollar quotes that arise from the Buenos Aires Stock Exchange
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<p>The dollar traded on Tuesday and was offered, on average, to $ 59.06 in agencies and banks of the City of Buenos Aires, <span style="background-color: #ffff99;">while the dollar counted with liquidation (counted with liqui), was offered at $ 68.75,</span> so that the gap narrowed even more, more than 20%, after last week that distance had stretched almost to 30%.
In the wholesale item, the price of the greenback ticket ranged between $ 56.30 and $ 56.50, twenty-two cents above the values recorded above the previous close, always under the careful supervision of the Central Bank, since in the presence of any alteration intervenes in the market in different ways.
According to financial analyst Gustavo Quintana, there is a "somewhat complicated regional picture, with the real one above 4.10 can be coupled to local factors to justify the demand for foreign exchange."
In addition, Quintana stressed that there was "little genuine supply resulted in the need for sales from official banks to meet the demand for coverage."
For its part, the MEP dollar drops to $ 65.14, while the cash with settlement drops to $ 68.75.
To find out what will happen with the gap from now on, analysts agree that it will depend on what happens with the restrictions on accessing the dollar.
"If restrictions increase, the gap will grow," said Gustavo Neffa of Research for Traders.
For its part, the economist Diana Mondino, warned that the effectiveness of the stocks established by the Government of Mauricio Macri "manifests itself in the gap with the cash settlement, basically. A little gap means that the stocks hurt little; a lot of gap, means that it is having a lot of effect and negative.
From GMA Capital, they state that with the new regulations, "safe and short-term" curl "muttered in a more risky and extensive operation. Now the price risk is significant because the waiting and settlement terms amplify volatility and uncertainty in a process that takes 12 business days from end to end. "
Some alarms in that regard sounded last week, when the IRSA company had difficulty turning currencies abroad to pay its creditors the maturities of a Negotiable Obligation.
"This could anticipate an inconvenience for creditors of foreign currency securities whose payment route passes through Caja de Valores before reaching foreign accounts," says GMA.
However, from the Central Bank they assured that these inconveniences should not be repeated and for this in the next few hours they will be sure to polish the resolutions so that all the companies can fulfill their debt commitments.
They also ratified that there will be no difficulties in complying with the payment of imports, although days ago some automakers found that they could not access all the dollars they needed to pay their suppliers.
On the other hand, the Central Bank of the Argentine Republic (BCRA) This Tuesday validated a 55 basis point drop compared to yesterday's close at the end of 83.46%.
The total awarded was $ 195,227 million over maturities of $ 235,333 million and from this operation a liquidity expansion of $ 40,106 million was generated.
In the first tender of the day, the BCRA validated seven-day Liquidity Letters at an average cut-off rate that stood at 83.242%, with an amount awarded of $ 42,309 million.
In the second auction, the amount awarded for seven days was $ 152,918 million at an average cut-off rate of 83,521%, with the maximum adjudicated rate being 83.85% and the minimum 82,002%.
Meanwhile, in the Buenos Aires downtown the average price that arises from the usual survey Professional Among the main banking entities is $ 59.06, According to the following detail:
- Galicia: $ 59
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Nation: $ 58.50
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ICBC: $ 59.20
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BBVA: $ 59.06
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Supervielle: $ 58.50
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Santander: $ 59.50
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Balance: $ 58
On the other hand, in the Buenos Aires caves the blue raised several units and was offered for $ 62 for sale.
In the Rofex futures market, the contracts that expire at the end of December this year are closed at $ 74.20 per lot.
As for the country risk index prepared by JP Morgan, it amounts to 2,223 basis points. As for the ADRs and shares of Argentine companies listed on Wall Street, the trend is selling, led by IRSA that falls 2.6%, followed by Loma Negra and Tenaris, with 1.9 percent.
The Merval falls
The stock exchange business, meanwhile, was developing with a clear downward trend, as a result of the taking of profits triggered after the firmness of the market in previous rounds, through a business encouraged by portfolio hedges due to weak exchange rates. .
Thus, the S&P Merval index yielded 1.9%, to the area of 29,981 points, against a cumulative rise of 12.5% in the previous five previous sessions.
The recent improvements were led by shares of companies listed abroad, to specify the so-called 'counted on liquidation' (CCL), a mechanism used for capital flight against exchange restrictions in force in the South American country.
On Monday, the Buenos Aires stock market recorded its fifth advance in a row due to selective repurchases, mainly of energy shares, although the volume was short, which evidenced the prudence of investors in the face of the financial crisis and political tension.
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