The government closely followed the rising dollar and linked it to global factors

This is the reading that the government has made, as he knew domain.comclosely monitors exchange rate developments since the beginning of the day, with an eye on international markets. The economic team has ruled out that the peso movement is linked to local problems.

Treasury sources pointed out that the yield curve had reversed this Friday, which had not happened since 2007 and which is considered a possible advance of a recession, which led to Major emerging currencies, such as the Turkish lira and the Brazilian real, will depreciate up to 5% against the dollar. The Argentine peso, on the other hand, was less devalued when recording a decline of 1.8%, they said.

Recall that this week the Fed announced that it would not increase the rate for the rest of the year as there is no overheating of the economy. In other words, now, we are starting to worry on the other side, of a possible recession, badyze the sources of economic equipment.

To add insult to injury on Friday, there was a weak economic activity in Europe, which was causing even more concern from investors and hence a widespread sale of badets.

In this type of situation, the government believes that it is not desirable to go against the grain and that it is not good to detach the peso. "It does not make sense to spend bullets or credibility when it's not a question of weight but a global problem," he said. explain.

After crossing the $ 43 line in the retail channel, the atmosphere was improving over the hours and the US currency closed at $ 42.86. In the morning, the concern aroused by capital outflows emerging markets, admitted to the Treasury. In the afternoon, however, tranquility returned, with a slightly more measured aspect prevailing in the markets.

What comes

As the Minister of Finance has pointed out, Nicolás Dujovne, this week the closing level around $ 41.80 on the wholesale foreign exchange market, It's practically the same level of September.

The government expects that a "good supply of dollars" will begin to arrive in the domestic market.

Starting in April, Treasury Treasury auctions (up to $ 60 million a day) start converting them into pesos in order to meet their obligations. "It's a source of stability for the market," consider in the Treasury. In addition, a very important primary crop and a "bulky" trade surplus for the year are expected, they add.

The truth is that beyond this juncture, the global context may become a focus of tension over time, which could put pressure on emerging currencies, including the peso, without also avoiding the threat of electoral uncertainty. .