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Monday, January 30, 2023

The blue dollar recovers: it rises five pesos in a day and is sold again for $320

Unofficial prices resumed in late November while the financial dollar fell.

While the financial dollar went down, the blue dollar stalled and ended up at $320, this Wednesday raised five pesos and is thus equal to the price it displayed three weeks ago.

With this, an impasse is reduced that the informal showed in the previous round and that prompted him to touch $312 last Monday.

Earlier in the week, Christmas bonus effect and informal market ticket sales by foreign tourists helped ease the blue. The stagnation in the growth of the financial dollar also contributed to this, deepening the decline in this round. MEP dollar fell 0.2% and thus reached $322.7 and liquid with cash fell 1% and ended at $330,1.

Shouldn’t be a surprise since the return of blue Informal is the most delayed within the dollar range with which Argentina is managed. Priced at $320, it is up 55% on the year, while financials are up 63% and official 67.5%. All this with an inflationary curtain that will close 2023 at nearly 100%.

Earlier this week, small companies and businesses went out of their way to sell tickets to cover the payment of Christmas bonuses, which also boosted the withdrawal of financial dollars. Now, those pesos will be converted back into dollars in the hands of salary earners seeking to protect their savings. ,

Soybean dollar contributed in this round US$ 50 millionwhich allowed the Central Bank to end up with a net purchase balance US$40 million. In this way, the monetary authority accumulates a favorable balance. US$ 500 million So far in December.

In this conference, the expectation of the market was set to see how the government will perform in this afternoon’s tender, where the finance team will have to renew the maturity $411,000 million.

From Portfolio Personal Inversion (PPI) he points out that “99% of the December payments fall on this first test, for which it will be Most relevant test of the month. Again, virtually all payments will move into private hands at a time when refinancing has become increasingly complex.”

“Soybean 2.0 plan aided by greater liquidity, liquidity of bank reserve requirements and greater participation of public bodies, governments and municipalities Treasury likely to be close to covering full payment“, point.

“A good signal is essential to start 2023 off on the right foot, having already presented a wall of maturity in the first quarter”, they slide into the PPI.

country risk increased

Shares fell on the Buenos Aires stock market this Wednesday, causing the Merval index to fall 0.8% in its version in peso. ADR fared better in New York. After beginning with losses in a large portion of the papers, Argentine shares recovered and ended mostly up.

Despagar was the standout with an 8.5% increase, while Globant suffered the most with a -2.2% increase.

On the bond side, most dollar titles were down by up to 2.5% in case of Global 35.

This poor performance in bonds weighed on country risk appetite, which rose again on Monday after touching the lowest level since last June. This time, the JP Morgan indicator that measures the additional cost of Argentine debt advanced 0.5% and reached 2242 basis points.

For its part, the New York stock market closed lower after a meeting of the Federal Reserve (Fed), which ended with an interest rate hike, in line with expectations.

The Dow Jones Industrial Average lost 0.42%, the Nasdaq Technology Index lost 0.76% and the S&P 500 lost 0.61% at the closing bell.


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