Today will be crucial in determining whether or not it accelerates the dollar's rise

Despite the holidays in the United States, which left no reference to the local market and prevented the measurement of country risk, There was news that can affect the week.

Tuesday's auction menu is extensive. There are bonds in dollars and fixed rate and indexed pesos. The result will be important as it will serve as a guide for investors. The behavior of these bonds in the market depends on the acceleration or maintenance of the dollarization of investment portfolios at this rate.

There is a bonus that aims to be the least successful and has retiring employees. That's the Lecap, a capitalized monthly security that will be offered at a monthly rate of 2.65% and 3.75% per month, payable on May 31 or February 2020. January's inflation of 2.90% and February's inflation, which is also high, pushed foreign investors to get rid of this product and to have less sympathy in the local market.

In exchange, The one who earned points is the 98-day Lecer, adjusted for the cost of living plus an additional 4.5% per year. Holders of fixed-term contracts who earn less than 3% per month prefer it. They see inflation that, until May or June, will remain very high.

But the key bonus is the Lete in dollars at 217 days, that is to say that it expires on September 27 before the presidential elections. You can only subscribe in dollars and pay a rate of 4.75% per annum. The government is praying for the renewal of the amount of 960 million USD, as a series of expirations these titles can complicate the economic plan if they are not renewed almost entirely.

In this context, investors have advanced their verdict. Despite the holidays in the United States and the limitations of the local market and rising liquidity rates, The US currency closed close to the peaks of the day.

The big dollar rose 21 cents. He had reached the beginning of the wheel at $ 38.86, then dropped to $ 37.72 and finally ended up at 38.83 pesos. In banks and bureaux de change, the dollar rose 29 cents to 39.80 pesos. The "blue", almost without movement, has risen 0.65% to $ 38.75 and is about to exceed the official dollar.

Of course, the country risk was not measured because the US markets did not work for the commemoration of "Presidents' Day".

Reserves increased by USD 51 million to USD 66,969 million. Abroad, the rise in gold and the euro brought in 51 million euros and 13 million were paid to international organizations and Brazil.

In the $ 190 billion auctioned at an average rate of 44.31% was auctioned for Liquidity Letters (Lleliq) which is 0.10 points higher than on Friday. This rate hike is unimportant, but it's the second time in a row and marks the end of the reduction in interest rates, a fact that worries the government because it undermines its illusion of reactivation of the economy. The problem is that if you move the rate, you will pull on the dollar. Inflation was the big disappointment because, despite the dollar's control since the launch of the monetary plan, it worsened in January.

The offer, in addition, it left an expansion of about $ 1,600 million, because interest was not covered after 7 days of acquisition of Leliq. and that money can go in search of dollars.

The behavior of the links was not relevant. The 2024 Bonar, the dollar benchmark rose 0.17%, less than the currency. If the US markets had worked, country risk would have increased.

The stock market had an irregular behavior. The S & P Merval index of the main shares fell 0.31%. It opened at 0.05% and quickly dropped to 0.57% to then reduce the loss. Businesses accounted for 40% of the usual average of $ 351 million.

The strong points are Grupo de Valores (+ 5.69%), Aluar (+ 5.26%) and Ternium (+ 5.06%).

This week's call for tenders will be the key. What is known is the dollarization of the economy and the recovery of the dollar. The deadlines set are not renewed with the force of the front and this has changed the rules of the game.