Dollar today: the blue falls again, but the financiers advance

The blue dollar continues to decline. After the strong escalation recorded last week, when it even positioned $20 higher than the financial exchange rates (during the trading session on Friday), today the informal note takes a step back. But the same does not happen with the MEP and the cash with liquidation (CCL), since in the second round of the week they resume the upward trend.

Hoy, the blue dollar sells for $320. This is a drop of $2 compared to the previous day (-0.6%), accumulating a drop of $18 so far this week (-5.6%). However, looking at the tour he took in July, it is still up $81 (+33.8%).

“It’s going to keep going down, it went up a lot in a very short time. These days nobody wants to sell the dollars, however, in the last few weeks many bought because they were afraid that it would go higher. But I have been on the street for many years, when the dollar climbs a lot it becomes expensive, following a few days it rearranges itself”confessed a small tree on Florida Street, who kept his name confidential.

On the other hand, financial exchange rates are operating on the rise, following two rounds of decline. The MEP dollar, a tool that allows Argentines to become dollarized through the purchase and sale of bonds, legally and without exchange rate, is offered in the market to $326,45. They are $7 more than yesterday (+2.1%) and $78 so far this month (31.6%).

Exchange and movement house in the Citi porteña, Buenos Aires 7/4/2022PATRICIO PIDAL/AFV

Cash with settlement (CCL), tool that is used to liquidate dollars in a bank account outside of Argentina, is positioned in the $332,56. It is a daily climb of $6 (+2%) and, so far in July, it is up $80 (+33.7%). Last week the Central Bank (BCRA) tightened the stocks through cedears, cryptocurrencies and negotiable obligations, in an attempt to contain the CCL. However, for economists, the effect is beginning to fade.

“After the regulation on the Cedears, measures that usually generate short-term respite before the rebalancing of positions, the financial dollars were more sustained. But the search for coverage continues, in a context where political noise and multiple economic challenges are spreading, among them the dynamic of ‘more pesos, less dollars’”, explained Gustavo Ber, head of Estudio Ber.

Despite the fall in free quotes, the gap continues at historically high levels. Today, the official wholesale dollar is sold at $130.40so the difference with blue is 146%.

“In a scenario of extreme tension, The week’s agenda will be marked by the measures announced by the Government to contain the exchange gap, and for the trip of Silvina Batakis to Washington”, they pointed out from Cohen Investment.

At Banco Nación, the official retail dollar appears on screens at $136.75. To get the value of the “savings” dollar, a 30% PAIS tax and another 35% on the Profit account must be added to that price, which gives a price of $225.63. The “card” dollar, with 45% withholdings for Earnings, reaches $239.31.

One day following the decision to be made by the United States Federal Reserve (Fed) is known regarding the rise in interest rates, which are expected to increase by 75 basis points in an attempt to confront North American inflation, the Argentine risk gives a little respite and is close to breaking the barrier of 2900 points.

Today the index prepared by JP Morgan, which measures the difference paid by United States Treasury bonds once morest those of the rest of the countries, yields 24 units and stands at 2,903 basis points (-0.8%). However, sovereign titles go through the day in the red: abroad, the Global 2035 falls by 1.9%.

As for the stock market, today the S&P Merval operates at 120,626 units (+0.9%). “The greater liquidity of the market is added to the cover search following the measures on Friday, which ended up driving up most of the companies that make up the Merval, “they added from Cohen Investment.

While, Argentine shares listed on the New York Stock Exchange (known as ADRs), show mixed variations. On the one hand, the shares of Cresud (+2.6%), Banco Macro (+2%) and Transportadora de Gas del Sur (+1.5%) rose. On the other hand, the unicorns Despegar (-3.8%), Mercado Libre (-3.6%) and Globant (-2.1%) fell.