The dollar is stable at $ 39.94, the market being attentive to calls for offers from Letes and Lecap

It should be noted that The Ministry of Finance will present today an offer of Treasury bills denominated in pesos and dollars (maturities of 193 and 116 days respectively), as well as bonds of the national treasury in pesos (BOTE), fixed rate, expiring November 21st. 2020

The reception of tenders will start at 10 am and will end at 3 pm on Wednesday, in accordance with the calendar distributed by the Ministry of Finance.

Yesterday, by a combination of factors, including the disarmament of the carry trade and the taking of end-of-month positions, the dollar jumped 2.4% or $ 1.44 to $ 39.94. It has reached a new daily maximum since Guido Sandleris became a member of the Central Bank. In this way, the note has accumulated the fifth consecutive increase.

C & # 39; was in agreement with the Single and Free Exchange Market (MULC), where the currency climbed 3.9% or $ 1.45 to $ 39.05. This is what happened during a round during which the BCRA staged an 8 day Liquidity Letters auction and re-validated it. a drop in the rate, the average reduction was 61.237% (61.405% Friday). The amount allocated was $ 134,579 million.

"A combination of factors, such as the disarmament of the carry trade, the important deadlines of external obligations, and the inexorable beginning of the closure and trade-offs. each end of the month, seems allied to trigger a dollar correction with an unexpected magnitude, "badured the operator Gustavo Quintana, PR Corredores de Cambio.

Despite the fluctuations, sources from the Central Bank explained that "in the money market, the effects of this volatility were not yet perceived, all the deadlines of the day LELIQ having been renewed without changing the rate of reduction" .

For the second consecutive month, the BCRA is on track to exceed the zero growth target for the money base, which is why "will continue to monitor the money market closely to absorb any excess liquidity that may exist" , said the same sources.

The greenback accompanied price appreciation in the region, particularly in Brazil, where the currency rose 2.5%. In Mexico, the dollar rose by 1.01% and in Chile by 0.2%.

The dollar has operated with a clear buying trend and in a scenario of insufficient supply of foreign currencies. Prices have risen since the beginning of the day and have risen with a surge that exceeded the correction last Friday, itself of significant magnitude. On average, it has closed below $ 40, but many banks have proposed late in the day above this value, as in the case of Galicia, Francés, HSCB and Itaú.

For the operator Christian Buteler, the rise of the green ticket at the domestic level answers three main reasons. In the first place, the order placed by the Central Bank at the beginning of the month of reserve for the funds that the financial entities must maintain immobilized, in order to discourage the entry of speculative capital in the short term. In second place, "the peso surplus for the disarmament of Lebac last week" and finally, "the decline in Leliq rate" that the monetary authority applies.

Other money markets

In the interbank money market, call money averaged 60%.

On ROFEX, 1511 million USD were traded, of which more than 77% were agreed between November and December, with respective final prices of 39.50 USD and 40.92 USD; and rates of 60.09% and 49.94% of TNA. It is estimated that the BCRA was selling in this market. Futures contracts ended with average increases of $ 1.4 accompanying the rise in the spot.

In the informal market, meanwhile, the blue has risen from 1.50 to 39 dollars, according to the investigation on this support in the caves of downtown Buenos Aires. The "cash settlement" increased by 91 cents to $ 38.72.

Finally, the reserves of the BCRA dropped to 145 million US dollars Monday and 51.591 million US dollars.