To dollarize, they use from government securities to Apple shares, which increasingly brings more quotes to the screens, especially when there is no official intervention
Financial dollars are still in demand, although their prices did not register large variations. The cash settlement that was negotiated against Banco de Galicia shares listed in New York closed at $ 194.50, the values against the other options did not vary. When they were traded on the Senebi, the market where the operator deals directly with the client and its price does not appear on the screen, against Spot Discount Letters that expire at the end of the month, remained at $ 192.
The MEP dollar, in the free square, traded against the GD30 at $ 180 and in the Senebi it was paid at $ 182.
The variety and dispersion of prices that the dollar has in deregulated markets is increasingly wide because even Apple shares are used. What does not yield is the gap between the MEP dollar and the cash dollar with free settlement, which marks the cost of turning dollars abroad (cable) and remains above 6%. The restriction of operating dollar cash with settlement makes the offer of MEP in the official market higher and raises the cost.
The higher the price of the cable, the higher the outflow of dollars abroad by individuals, since there are many who are looking for a better destination for their currencies. For example, those who invest in apartments in Uruguay or Paraguay obtain income when renting it of between 6 and 7% per year in dollars against 1% in Argentina. Almost all the apartments that are able to be sold -which are a low percentage with respect to the offer- are converted into a dollar counted with liquidation and go to foreign accounts.
In the official square, where the Government tries to show a calm reality for the currency, the financial dollars ended with slight increases after a strong intervention of the Central Bank of USD 33.8 million in the MEP . In this place, the cash with settlement that closed at $ 174.02 (+53 cents) is non-existent in terms of business volume. The active dollar is the MEP that, due to the force of the sales of AL30D bonds from the Central Bank, closed at $ 173.92 (+39 cents).
The "blue" accompanied the movement with a rise of 50 cents to $ 186.50 but, unlike the previous wheels, it was not an indicative price but a real one because many operations were made. The buyer value increased by $ 2 and that is the one that must be observed because it is the one that pushes the prices.
In the wholesale market, the dollar adjustment was laughable because it ignored Saturday and Sunday and rose 5 cents to $ 98.64. The usual thing is that on Mondays it devalues to the equivalent of three days, that is, the dollar should have risen 15 cents. The highlight was that the Central Bank was able to buy US $ 10 million and raise the reserves to US $ 42,618 million.
Meanwhile, abroad, reality surrendered to the slowdown in the United States markets, because the honeymoon with the Federal Reserve is about to come to an end, which, by dint of buying debt bonds from companies, kept covered from the pandemic . North American investors favored lower risk assets, which is why the 10-year Treasury bond yields 1.48% and gold is at $ 1,750 per ounce. The exit of capital from emerging markets is a fact. That is why Argentine bonds collapsed and country risk increased almost 1% (16 units) to 1,631 basis points, the highest since March 9.
Debt bonds fell as much as 12% after the rise they had after PASO. Today investors prefer to buy corporate bonds over Argentine debt securities.
Stocks had a good wheel as prices lagged after last week's slide. The businesses totaled $ 731 million, a low volume and shows the aversion to risk that predominates in the domestic market. The S&P Merval rose 2.09% and closed very close to the highs of the day. The best performers were Edenor (+ 4.75%), BBVA (+ 4.06%) and YPF (+ 3.93%).
The ADRs - certificates of holding shares traded on the New York Stock Exchange - also operated a small amount. They negotiated $ 2,330 million. The certificates had a positive round where Edenor (+ 12.06%), Banco Supervielle (+ 4.07%) and IRSA (+ 3.8%) stood out .
For today, the tendering of Treasury Bills will be closely followed because its result is key. In the market they are hopeless because the rates are not satisfactory and are lower than those negotiated in the secondary market.
Unless banks present themselves in a major way, it will be difficult to reach the $ 167 billion they need to roll over the month's maturities. The two previous tenders raised $ 121.5 billion. On this occasion, the Ministry of Finance offers 3 Bills that are indexed by the CER with surcharges of 5.25% and another that adjusts for the private Badlar rate -the one that banks pay for deposits over $ 1 million at 30 days- plus a surcharge of 5.25% per annum, which forms a final rate of 39.38% nominal and 55% effective per annum.
It will be difficult for these returns to conform to foreign funds ( offshore ) such as Templeton and Pimco, which have securities in pesos for more than USD 1 billion. Investors believe that the pressure of the dollar after today's event will continue with the same or greater intensity.
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