To calm the dollar, the BCRA reactivated the vacuum cleaner

The bullish breed that tried the

dollar

in recent days, and it took more cleanliness between Friday and Monday, it was interrupted yesterday, not by coincidence, when the

central bank

(BCRA) decided to leave for another time the monetary easing test implemented the previous week and to withdraw from circulation about 45,000 million dollars, the highest amount absorbed by nine wheels.

The note worked almost all day in decline after the entity commissioned by Guido Sandleris left to transcend the market, which would allow him to resume his efforts to absorb "any excess weight", which is why he was unable to do so. is concretized after noon to achieve the daily daily auction of liquidity letters. (Leliq)

This transaction allowed him to place new securities for $ 140,075 million, despite the fact that he had a much smaller amount ($ 93,325 million), but the amount was $ 140,075 million. also forced to suspend the process of sustained adjustment that showed the benchmark rate, increased from 68 80 to 62.24% per annum over the last 15 sessions and stabilized at 61.25% yesterday.

To all this, the dollar, which opened at $ 39 for the wholesaling and hit a maximum of 39.11 minutes later, began a gradual decline that led it to operate at $ 38.78 half-wheeled and closing at $ 38.55, down 50 cents (-1.3%) from the previous close.

This, in turn, made it possible for the selling price to the public, which had closed at just $ 40 the day before yesterday (at $ 39.97), to be $ 39.58 on average, according to the survey conducted by the BCRA.

The decline in the local currency was also stimulated by a softer global market environment than previous wheels, which favored the recovery of emerging currencies in general (+ 1.6% in Brazil and + 0% in real terms). 7% Mexican peso, per case).

But badysts and operators agree that the change of trend compared to the last wheels has more to do with the official signal than with the evolution of the rest of the places, in a market that maintains a good level of activity (606 million US dollars have been traded by the day) seeking to close the month and anticipate the inactivity of half of the wheel tomorrow (it will not work from 13h) and Friday's public holiday, by the G-20.

"After the strong expansion of last week [ver infografía] and after the greater volatility of the exchange rate, the BCRA again absorbs the weights in a significant way and the rate goes down, "summarizes Gabriel Caamaño, of Ledesma Consulting. Well for the BCRA, it absorbs 45,000 million dollars and puts a handbrake. the low rate not to ignite the instability of the exchange, "said the director of Eco / Go, Federico Furiase.

The dilemma of the BCRA is that the rate needed to comply with its 0 monetary expansion plan seems to be lower than the equilibrium rate to maintain a calm exchange rate, at least until exports rebound. more important, and that the structural supply of foreign exchange be maintained. something bigger. If not, it should only contain demand with high rates, but it can prolong the recession.

Interviews of a reaction

The government 's reaction before the jump, greater than 3% per day recorded by the dollar, shows that although he is no longer in favor of returning to the exchange rate backlog as he l? boosted in 2017, it has not been comfortable with this strong escalation.

Essentially because it thwarted one of the initiatives taken to give society the first signal that the worst of the crisis caused by the devaluation is starting to be ignored: that of taking advantage of the 31% drop in the price of crude oil in two. months to lead to a drop in local fuel prices in the coming days, after the 14 rises that have made them rise by 65% ​​on average this year.

The negotiations that the government has started with the oil companies are intended not only to impact the new increase in internal fuel taxes (by the transfer of inflation of 3 ° T) activated on Saturday, but also to make so that the price to the public is rearranged downward.