2023-10-04 21:49:00
The Cashed Settlement dollar (CCL) increased more than 7% in a single day and this Wednesday reached the $900, while the MEP rose 3,40% and was located in almost $746. In this way, the gap between both exchange rates approaches 20%.
As the presidential elections approach, uncertainty is increasing and this is also reflected in the rise in financial dollars. In just one week, the CCL soared $111 and the MEP advanced $55.
The causes of the trip
In this frame, Gaston Lentinifinancial advisor, assured that the causes of these increases are comparable to a “beautiful cocktail worthy of an international bar” and listed: growing uncertainty, uncontrolled issuance, debt that will not be able to be refinanced, restriction on the purchase of dollars and few dollar sellers.
“The most important thing and what makes this the best cocktail in the place: elections in 3 weeks making Investors seek to buy safe haven assets or even cedars, without caring too much regarding their price, pushing the exchange rate up.“explained the specialist.
Dollar today: an unstoppable blue touched $860 and the CCL passed $900
“I dare to say in this context that 900 pesos per CCL at this time, being able to buy the MEP dollar at 755 pesos is a very bad choice for all investors,” he considered.
For its part, Andrés Reschini, analyst at F2 Soluciones Financieras, said: “As was already anticipated, the demand for dollarization would grow as the elections approach. Besides, The latest measures taken (VAT, Profits, etc.) exacerbate inflationary expectations with the rate that is negative in real terms and with many fixed terms they are not renewed and they go in search of refuge.”
“The CCL escalates and widens the gap with the MEP intervened by the BCRA. Soybeans lose attractiveness and CCL liquidation falls, generating a decrease in supply,” he added.
Finally, the financial analyst Elena Alonso He explained that “with speculation regarding the October elections, investors are leaving instruments that are only tied to the peso and going to dollarized assets.” And he closed: “For this reason, there is a demand for more dollars and an increase in the exchange rate”.
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