Macri, on the dollar touching 47 dollars: "You must get used to this volatility"

"We must get used to coexist with this volatility of the dollar," said Mauricio Macri before the meeting of the majority of his ministers, meeting yesterday at the Quinta de Olivos, to set the official position at the end of a week during which the market broke financial system and began to evolve with extreme sensitivity to any signal relating to an uncertain political and economic future.

At the summit, it was confirmed that there would be no change in economic policy, no cabinet change, and that the volatility of the dollar was part of the mobility program agreed with the IMF and put into practice in the field of security. exchange intervention of the BCRA.

"It will not be easy to get through this volatility." Uncertainty is part of the political and electoral doubts and fundamentally the role of Cristina (Fernández) .This will not be easy to disappear and, as long as it is present, the situation will be complex, "said Macri.

As he was able to reconstruct this support thanks to the testimony of one of the participants, the national leaders listened to the President with absolute attention and there were no statements contrary to the above.

"A characteristic of this moment is the cohesion of the Cabinet, it is impressive," said a member of the national government team.

The augur of Macri is that the turbulence will continue until August, when he hopes to get a good result in the primary against a fragmented Peronism. That is why he asked for "calm and strength" to overcome the difficulties that will arise in the meantime.

Meanwhile, Cambiemos' main political actors will reactivate contacts with the most dialogical opponents to ask them to start declaring publicly what they will do when they come to power.

"It is up to everyone to calm this situation," they explain to Casa Rosada, while stating that the conversations will avoid the necessary formalities to avoid erroneous readings on the eloquent pre-election ground.

In this sense, the Kirchner seems willing to anticipate its eventual economic plan and it is expected that a first sample emerges from the thesis that the former Minister of Economy Axel Kicillof held on May 10 at the Wilson Center in Washington to Wall Street investors.

Instability once again hit Argentine badets

Yesterday's session was a clear example of the new scenario: the negotiations on the currency market began with some calm and allowed the currency to cut some of the land gained on Thursday, while it threatened to touch the 48 dollars. towards the closing of the application has been warmed up.

In just five days, foreign currencies have accumulated $ 3.21 on the screens of bureaux de change and banks. And according to the official average, the screens in this sector peaked at $ 44.71 for the purchase and at $ 46.90 for sale (in entities such as Macro, HSBC, Supervielle and Galicia located above USD 47).

With greater vigor, the dollar has progressed in the open electronic market (MAE), where the main players interact and where the reference price is defined for the Central Bank (BCRA). There, the US ticket earned $ 4.07 from the Wednesday session preceding the Easter holidays.

By and large, the currency ended yesterday at $ 45.97, following a daily rise of $ 1.07, and is positioned on a new historical record. The increase was even larger than the one she had faced Thursday, while the BCRA had to take extreme measures to discourage the advanced buyer.

"The closure of the end of the month and the force measures ready for next Tuesday could have influenced the anticipation of operations, in a market that has a certain lack of real supply," explained the company. 39; foreign exchange operator Gustavo Quintana referring to they had an impact on Friday's transactions.

The power station headed by Guido Sandleris yesterday has allowed a new increase in the key rate, which has been established at 71.868% per year (slightly more than 0.82 point from Thursday).

Volatility has also been reflected in country risk which traces doubts about Argentina's ability to face the payment of its sovereign debt obligations in the future. The index prepared by JP Morgan bank fell to 3.2% early in the day to establish at 905 basis points for the best performance of local bonds.

But luck changed in the second half of the wheel, when the bonds went into negative territory and resulted in losses of up to 3.1%. As a result, country risk ended up gaining 3% and was 967 basis points.