Dollar Today: down for the second day – 28/11/2018

After the exchange easing on Tuesday, the dollar continued fall and fall this Wednesday 15 cents, at $ 39.43, according to the average of the Central Bank. In the country, it sold for $ 39.25, about 20 cents less than at the previous close.

The wholesaler, on the other hand, He dropped 8 cents to $ 38.46. This market includes banks, large companies and the central bank and its contribution ends up affecting the retail circuit, where savers buy.

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This week will be short of foreign exchange transactions: The Central Bank has informed the Mercado Abierto Electrónico (MAE) agents that the cash transactions will end this Thursday at 13:00, while this Friday will be a public holiday for the G-20 meeting.

The financial scenario facing the government is far from calm. Exchange rate volatility may be added to the persistent decline in government bond prices, which returned to place the country risk above 700 points.

In addition, according to Bloomberg, "the Central Bank would badyze the elimination of the floor of 60% for the December 3 rate, although the greater turbulence in the foreign exchange market may move it away from this objective.

"The size of the reductions in the rate they were reduced last week, until take Tuesday its first break in this downtrend of the last 30 days: for the Leliq 7 days, it rose for the first time from November 1 to 61.248%, against 61.237% Monday, "said the agency .

On the other hand, this Wednesday, the Ministry of Finance will close a new call for tenders Letras in dollars at 193 days, Lecap in pesos at 116 days and at a monthly rate of 2.85% and fixed rate Treasury bonds (BOTE) maturing in November 2020.

Tuesday, there was a relief on the currency front because the exchange rate recorded a setback: It dropped 39 cents and was $ 39.58 at the retailer.

Something had to do with that, in the liquidity letters auction (Leliq), the withdrew nearly $ 45,000 million from circulation. Despite this, he kept the average rate at 61.25%, one hundredth more than Monday.

Moreover, on Tuesday, there was a specific problem. Tenaris shares fell 10% in New York and dragged the rest of the newspapers quoted on this market, generating nervousness around all Argentine financial badets.

Country risk, which summarizes the yields of paper issued in dollars, was placed on Tuesday at 710 basis points, the highest level in two months since the beginning of the ongoing severe monetary program.

And there was no truce either on the public securities market. Prices of bonds whose maturities "collapsed" after the end of the mandate of President Mauricio Macri continue to decline, and securities like Bonar 2024 already yield more than 11%. And the obligation contracted under the New York law in 2026 exceeds 10%.