The dollar has been adapted to the "Lacunza zone", with the protection of the BCRA

He has respected this range all week, but with the sale of reserves for $ 226 million and few companies

The dollar was stable during the week of the emergency patch in the official exchange rate policy, following the phenomenal leap that it had after the PASS outcome.

It even maintained this behavior yesterday even when a new escalation of the trade dispute between the US and China triggered a new global reallocation of currencies and left the Brazilian real among the most affected.

The dollar closed here at an average of $ 57.31 and $ 55.19 for sale to the public and at wholesale prices, with increases of 7 and 14 cents from its closing the day before yesterday.

These values ​​represent margins of 81 cents (1.4%) or an increase of 19 cents (0.34%) during the week, respectively, distortion resulting from the larger gap between prices purchase and sale covered by the covered entities. they supply the public in full disruption that the market experienced last week, when the ticket hit a maximum of $ 62.

On the market, they highlighted the climate of truce put in place after the definition provided at the beginning of the week when the Minister of Finance, Hernán Lacunza, was informed by informing the market that the Central Bank (BCRA) would use " all the tools at its disposal. "to find that" the dollar does not come out of the price range "in which it had evolved the previous week, marking a" floor "of $ 53.85 and a" ceiling "of 60.45 $ for wholesale.

But they also stressed their fragility because, so far, this range has been partially supported by the sale of reserves of $ 266 million (to which dollars were awarded on behalf of the National Treasury) and, above all, , have not received any guarantee. total market volume was only US $ 505 million per wheel on average per week, which is 63% below the average of the amounts negotiated in the four weeks prior to the PASS.

The last round of the week was marked by the fear of a contagion from the currency quake that has generated escalating trade confrontation between the two largest economies in the world.

For this reason, the operators were not surprised that the US dollar opened the day with an average rise of 0.5%, which, as soon as it threatened to take more envy, wanted to appease the offer to sell $ 50 million of reserves.

"He launched the bidding call at 11:25, earlier than in the past, and placed the overall bids at $ 55,2901 on average per dollar," said L & # s. Fernando Izzo, operator of ABC Mercado de Cambios.

These sales were followed by traditional auctions on behalf of the Treasury, which should have been three times to place the total of 60 million US dollars authorized by the International Monetary Fund to spend pesos, per wheel, to cover their expenses.

Thus, the public contribution to the market supply amounted to 110 million USD in total, ie 22.5% of the total of 487.7 million USD exploited in cash yesterday on the market.

BCRA's gross reserves closed the week at US $ 58,892 million, with a further US $ 633 million decline the same day, dropping to US $ 8051 million after the STEP. . BCRA's interventions on the foreign exchange market explain only 10% of this decline.

"Part of the decline is related to the Repo payment to the banks for US $ 2615 million, to which is added the payment of a non-renewed Treasury letter (LETE) for US $ 540 million and the drains that produce treasury sales and lower reserves due to the withdrawal of dollar deposits, "explained financial badyst and consultant Federico Cohen.

Yesterday again, the consultancy Quantum Finance estimated that these withdrawals (which are partly transferred in safes) totaled about 2390 million US dollars after the six wheels that followed Sunday the elections.

More hits for local badets

The day ended with slight declines on the most heavily traded Argentine debt obligations abroad, which closed the week with losses of 5 to 7% and were hit by the wave of global coverage that triggered the conflict between the United States. and China, which also affected the Argentinean shares on Wall Street, which recorded losses of 3 to 5% in the day.

This behavior also resulted in a 12-point increase in the country's risk rating for the day (from 1,795 to 1,807 points), which again rose 9.4% over the week.

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