the dollar was close to $ 30, although the central bank raised the sale to $ 450 million

The dollar is unstoppable, does not find its ceiling and hit the $ 30 during a day marked by the same problem that dragged the market for months: the Authentic offer level currency, a situation that contrasts with the very strong demand. In fact, last month, US bank note sales to individuals reached a record $ 5 billion.

Because of this underlying problem, the arrival of last The business day of June accelerated dollar purchases by banks and corporations due to the need to cover the portfolios, import payments and the acquisition of currencies due to the maturity of future positions of the month. from this panorama, the ticket climbed 3% this Friday despite efforts by the Central Bank, which fails to control, or to reach a point of equilibrium in prices.

Fact that was accompanied in recent days by a huge amount of rumors that circulated regarding the possibility that there are certain restrictions that hinder or discourage access to the foreign exchange market, to which was added the mistrust of the city that the government actually manages to reduce the public deficit which is at high levels, in a highly complex social environment, produces l 39; inflationary increase and the sharp rise in utility rates.

Regarding the shares of the monetary entity led by Luis Caputo, not only the daily auction which began last week for 100 million US dollars every day, but he had to make some changes to contain In this case, first, on Thursday and Friday the amount rose to 150 million dollars or about 50 million dollars above the amount stipulated. in agreement with the IMF, to unload a total of 7.500 million US dollars in 75 wheels.

This quote was made at 1 pm at the price of $ 29.12 on average per currency, with a minimum floor of 29.06 pesos.

Second, before the famous overheated price and lack of supply, the Central Bank surprised with a strategy that was not envisaged in the city: decided to make a second sale at auction, this time from $ 300 million, that he cut at an average price close to $ 28.96 being the minimum bid price of 28.60 pesos.

Once the results of the latter, the quotation of the single market and the free market (MULC), which was negotiated up to a maximum of 29 , $ 35 between the banks, was assigned to close the day at $ 28.85

That is, Caputo redoubled the bet, made another additional bid for double the auction of the day, and failed to "calm" the price.

Similarly, the 450 million dollars that were overthrown in total during the day remain "boys" compared to u 1,471 million dollars ] sold by his predecessor to BCRA, Federico Sturzenegger, on April 25. Although on this occasion he has not deflated the value of the currency either.

In summary, this exchange rate increased by 3% (73 cents) . And when analyzing his itinerary in the last days, in the whole week dragged up 6.8% ($ 1.84), and in June ends with an increase of 15.6 %.

Now, if we take the advance that the dollar had in the [twolastmonthsof we observe that the jump is 40% in this period, and in what happens 2018 advance of 54.7% .

In the retail segment the quoted currency at $ 29.57 on average for sale as evidenced by the survey prepared by the BCRA on the basis of trading advice. Administration of the main entities operates in the city of Buenos Aires

The maximum value validated was $ 29.95 in HSBC, followed by $ 29.85 in Patagonia and 29.69 $ in French BBVA

In the case of Banco Nación the price is ended by an increase of 80 cents, to establish at $ 28.40 for l. purchase and $ 29.40 for sale.

On the informal square side, the blue climbed $ 1.15 to be offered to $ 29.30 . Similarly, it remained 27 cents (-0.9%) lower than the official retail average

Narrow Volume
The wheel began with a sharp rise in the price of large. punctual, but in an environment of small volume exploited so that the operators evaluated the progress of the quotations in the "minute by minute" to wait for a stabilization of the value, which did not finally arrive .

In the end, the total amount negotiated on the square was agreed at the end of the month at the registration of $ 1,017 million a ] 42% above of the day before. Although the offer was "phagocyted" by official hands, the Central Bank ended up selling 450 million US dollars with both offers.

In this sense, operators argue that the local market "structurally lacks dollars, a rare commodity rises in price," says Gustavo Quintana of PR Cambios

The international context of in the countries emerging is not doing so either, due to the revaluation of dollar, which has reached a high of 95% against foreign currencies .. Added to the greater risk aversion by the decline in the stock markets, punctual operators of ABC Changes.

Indefinite context
In the city some analysts do not understand that entered again in a phase of monetary turbulence after great support obtained a few weeks ago by the International Monetary Fund ( IMF ), granting the country a loan of $ 50 billion, added to the good news that Morgan Stanley raised the rating of Argentina as a country " emerging ", having been with the qualification "border" since 2009.

Former Secretary of Finance and Economist, Daniel Marx argued that "Argentina is punished, because we have not only the pressure on the dollar but fell much the price of on ] and on and this generates a moment of tension and uncertainty because it means that there is less capital flow, difficulties for public and private funding. before, then the investment plans are reviewed. "

According to a report of the IERAL Mediterranean Foundation, the new high dollar scenario and its impact on regional economies ]" the most competitive real exchange rate of the the last eight years comparable to that recorded in 2010. "

This is justified by the fact that the devaluation was stronger than that of 2014 and 2016 ," episodes in which the Subsequent inflation has offset the favorable effects on exports. Now, the behavior of inflation may be different, but this should be corroborated in practice, "sums up this study.

For the Economics & Regions Consultation, " the dollar is a price of l & # Economics . It increases as a consequence of the monetary imbalance. The current devaluation is a record and this can not be surprising since it is the product of a record monetary imbalance. "

He therefore warns that this current record depreciation of the real exchange rate" predicts that there will be greater translation at prices which will inevitably imply an inflationary acceleration over the next few months , with which interannual inflation will continue with its current upward trajectory. In this sense, it is expected that inflation will begin to beat the dollar and the TCR will appreciate and begin
to come down with the passage of time. "

On the side of the profitability positions in pesos remains high to cope with the rise of the dollar, so that on the secondary market of Lebac the rates remained stable.

Thus, at the end of 19 days the yield was of 42,30% and of 145 days to 40% per annum, where in total on the square one equivalent in the pesos of US $ 316 million was operated 19659006] In the futures market in the Rofex were exploited $ 1,000,000 of which 50% was traded to July with final price $ 29.82 with an annual rate of 38.4%

The longest period traded with volume was December at $ 34.10 In general, futures contracts have been on the rise, raising an average of one peso more than closing the market.