The wholesale dollar ended the round with a drop of 9 cents because the Central Bank, to stop the rise that began at 1:00 a.m., was prolonged, making a strong and tangible intervention in the futures market by placing itself in a sell position.
If it is a boxing match against a peso, you can use a picture of a coin that occupies the center of the ring and not only bears all the shocks of the sale of a private buyer, but gives up at the end before strengthening the Bank. The middle. But, The intervention did not erase the upward trend shown by the United States currency.
However, It was a wheel with little movement because the city appeared to be surrounded by security forces and demonstrations awaiting the G20 meeting. In addition, doubts generated by the results, which became known after the market close, from tender Letes in dollars and Lecap in peso, were in the middle.
All operations and movements have difficulty. That's why the marginal market is paralyzed and closes at $ 37, the same value from the previous day.
At banks and exchanges, the dollar fell 4 cents to $ 39.54 with a rare operation. Some branches have chaotic behavior due to peso demand for weekends. Many ATMs without bills.
But because what is feasible is what will happen, the result of offering Treasury Bills in dollars, shows the fragility in which the economy enters. In Letes in dollars that paid a rate of 4.75% per year and ended on June 14, the results were as expected. About 80% of maturity is updated. Around USD 1,098 million to be canceled, USD 833 million was taken, that is, they returned around USD 250 million back to investors. The big stimulus for renewal was not achieved by personal taxes by remaining in bonds on 31 December.
But where the peso stockpiles plummeted, it happened in Lecap. Last October when the securities were auctioned, investors and savers offered $ 118,703 million taken around $ 75 billion. At that time, securities reached 193 and 377 days and paid 4.57% every month and 4.16% every month.
On this occasion, the offer for Lecap was only 22,389 million. The 116-day bill, due on March 29, raised $ 13,245 million at a monthly rate of 4.46%.
In an effort to expand BOTE 2020, bonds expired on November 21, and that in its first auction earned $ 45 billion, only $ 7.861 million was given. The main clients of this securities are banks that can use it as a reserve for their deposits.
Other tenders, which every day and most interesting for the market, are Liquidity Letters (Leliq). This time the Central Bank managed to absorb a significant amount of peso. $ 120,051 million was placed against maturity for 97,934 million, that is, absorbing $ 22,117 million. Termination rate is 61.45% which is 0.25 points lower than the previous wheel. This is the lowest level since 7-day bonds that can only be purchased by the bank begin auctioning.
All of the tasks of the Central Bank are aimed at leaving money without money to prevent the dollar from rising and causing a sharp decline in consumption which drives inflation back.
Maybe, the end result of November is what they expect. What is not known is that inflation should not exceed 3% to match what the Government wants. But December will be a different month. Inflation will not be easily controlled and may exceed estimates. Too, This is the month where farmers and investors choose seasonally to make their portfolios into dolls.
For all this, reserves increased by USD 3 million to 51,466 million. Abroad, the increase in the euro resulted in USD 31 million and 4 million paid to international organizations and Brazil.
On the stock exchange, there was a slight increase of 0.70% with a high business of $ 767 million. Banks are the key to increase. Galicia and Byma stand out with an increase of 2.67%.
On Wall Street, Argentine ADR quoted in dollars and a shareholding certificate, managed to rise after a failure on Tuesday. Tenaris which has collapsed 9%, recovered 3.94% and Banco Galicia increased 7.73%.
Debt bonds increase their parity and state risk produces a little to 705 points. Very high levels and those that place bonds on the edge will decrease in rank which is quite low by way.
The answer to everything that happened will be fully known on Monday, because on Thursday there will only be three market hours. The dollar price will tell whether the Central Bank and the Ministry of Finance succeed with this tender.