The dollar threatened to escape, but they marked the court

Opened upward pushed by the liberated pesos of Lebac, but the sales of official banks limit it

The hypothesis that drives the new management of the Bank Central Bank (BCRA), which He identified the weights placed at Lebac as the main exchange rate feeders, it seems to have been more reasonable yesterday, when the dollar began trading with a marked uptrend, just after the new "supermarkets" "who released about $ 152 billion. ] The diagnosis also seems fair if you look at the recovery of yesterday showed the demand for the currency. Cash flow, which averaged US $ 505 million in the last two steps, reached $ 800 million, an increase of 58%.

To prevent this trend of the new imbalance from having an impact The ticket price, the public bank was placed on the counter sales side and made an estimated contribution by the operators in US $ 250 million to rebalance the market .

This allowed the wholesale price of the dollar, which was close to $ 27.55 and was trading at $ 27.745 shortly after noon, unpacked at an average of $ 27.60

But at the same time there was no It did not prevent the dollar from closing for the fourth time in a row (at the retail level it increased). from $ 28.16 to $ 28.32, or 16 cents or 0.58%), while maintaining the previous wheel slip rate, which was precisely what the official intervention was attempting.

The currency is already accumulating No rebound of 40 cents (or 1.42%) from the minimum of $ 27.92 to the public and $ 27.23 for large businesses that touched a week ago.

"The market has opened more subscribers and the additional push of the demand has only found an offer in quantity around the maximum of the wheel, of $ 27.70 per Banco Nación", described the badyst Agustín Álvarez, from GlobalAgro. "Official sales came before the traditional $ 100 million auction, and Banco Ciudad also participated, pushing the ticket down to $ 27.63, although the nation set its closing at $ 27,598," reports Fernando. Izzo, ABC, market changes.

A delicate balance

For now, the market reaction confirms the fine balance in which it evolves after the race and the monetary efforts to stop it.

"The sensation is that every single point of interest rate is in the margin an incentive to dollarize portfolios," Judge Pablo Waldman, director of INTL FCStone Argentina's financial strategy, referring to the slight correction made by the BCRA, which increased the Lebac's performance from 47% to 46.50% pa 19659008] The one that stayed out of the spot market was the futures market, which closed with neutral variations, that is to say, without accompanying the upward trend of the spot market, which would show that the operators judge this readjustment is circumstantial and related to the monetary expansion resulting from the auction of Lebac

"The contracts were renegotiated very concentrated in the shortest time (67% was agreed for the end of the month and end of gosto), but more offered than the cash currency, with implicit rates that were about 100 points above under the precedent in the whole curve ", explained to the operators NATION of this market

Banks saw a significant reduction in credit demand at a general level (-29.2% year-on-year) in the second quarter and expect this bias to continue in the third quarter due to interest rate increases. Between the companies they suppose that the decrease of the demand is greater between the big companies. In the case of family loans, they believe that there will be fewer orders for all lines, but that the biggest drop will be in mortgages, according to the Credit Conditions Survey conducted by the BCRA.