Coup of the dollar: it approaches the $ 40 and returns to the value of September – Economy

The dollar has traded today with a strong upward trend and closed its listing at $ 38.03 for the purchase and at $ 39.72 for the sale, which during the course of the year last two days of operation increased by more than $ 2.50 and added the fifth rise consecutively.
On average, the ticket closed below 40 USD, but many banks have proposed late in the day above this value, as in the case of Galicia, Francés, HSCB and Itaú.
The volume of transactions in the cash sector exceeded $ 723.6 million and that of futures in the open electronic market was $ 249 million.

The rise of this Monday

"The disarmament of positions in pesos, the principle of compensation for operations that expire on Thursday, among other factors, have justified the significant rise in the exchange rate," said the money changer Gustavo Quintana.
He added that "since the end of September and the beginning of October, the wholesale market exchange rate has not fluctuated above 39 dollars" and baderted that " the strength of the demand and the insufficiency of the offer combined to create the conditions of another exchange rate ".
Regarding the big dollar, he felt that "after opening at $ 37.40 and touching the minimums at $ 37.25, the demand sparked a new rally that allowed us to" get the best of it. " to reach $ 38.10 highs with a lot of volatility ".

Why the dollar goes up

"There has been disarmament of the positions in pesos, plus the bottleneck that has generated the holidays in the United States, added to the close of late Thursday, because the G20 will not participate Friday in operations ", he explained during a dialogue with El Cronista Gustavo Quintana of PR Changes.

For its part, Financial badyst Christian Buteler reminded that it adds "last week, Leliq and Lebac had pesos, in full rate decline."
"This means that at some point, the banks will have to lower the fixed rate as well.because these funds that go to Leliq come from a fixed term financing. Lower the rate, lower what the bank offers, "he said.
And he added, "In 2018, we learned that whoever goes out and dollarizes is the one who gets the cheapest dollar."

Forecasts

Tomorrow, the Treasury will place Lecap, Letes and Bonos Bote to capture the pesos left free on the market and avoid further pressure on the exchange rate.
For Buteler, "if the BCRA had gone to settle before, it would have paid a higher rate and would have a negative financial result". "Here the question is what do they want to do with the exchange rate.I do not see the nervous government with this type of change, you have to remember that they did not want to buy if they were puncturing the ground, "he recalled and warned," Two days of 3% rise, it's starting to get worse. " 39, worry a little ". Source: (NA-El Cronista) .-