The limitations to operate with cash with liquidation continued and were strict. It is the only mechanism left to prevent an even more pronounced rise in the dollar.
The irrefutable proof can be seen in the volume of the GD30C (Cable), the bond used for these trades. From USD 10 million a day, business dropped to 5 million. But, in addition, he changed the modality to avoid the controls. At the local level, either by operations on the screen or SENEBI – from buyer to seller directly without showing the price on the screens – the Euroclear was used once more, one of the largest clearing houses in the world and which requires the settlement of cash operations with settlement abroad. In other words, there are three supports for cash with liquidation that caused these trades to go as high as $315.
But during the day the price began to normalize. As operations once morest bonds were limited, Cedears or ADRs were used -certificate of holding of shares or bonds listed abroad- and moved in a range between $310 and $312. The few trades once morest GD30 bonds were made at $308.75 (a value that is $4.90 (+1.6%) higher than the previous day). The MEP dollar that is trading once morest the AL30D (-0.66% ) rose $5.60 (+1.9%) to $303.44.
The free dollar was unstoppable and there were no “helping hands” that might stop it because the demand took everything that was offered. It closed at $371 (+$16). It became the most expensive currency in the system.
The Central Bank accelerated the devaluation of the peso and the wholesale dollar rose 24 cents to $129.40. At this rate, the currency would end July with an increase of 5.42%, which is equivalent to a dollar at the end of the month at $132.04. The average devaluation for the month increased to 110% per year. They seek to attract exporters who are reluctant to liquidate their crops. Due to the lack of supply of export dollars, the Central Bank had to sell USD 40 million to purchase energy and the reserves lost USD 127 million and remained at USD 39,736 million.. In the month they fell USD 3,048 million.
According to Nicholas Rivasa trader for Buenos Aires Valores SA (BAVSA), “there is a lot of demand for dollar linked (bonds tied to the official price) because the market continues to seek coverage for a possible devaluation. Other highly demanded instruments were the promissory notes guaranteed by the SGR (Reciprocal Guarantee Society) that are from SMEs and are tied to the official dollar. Everything that has to do with coverage, it worked. In addition, the demand for negotiable obligations tied to the dollar continued, which are very present in the portfolios of companies and investors.”
Here was the case of bonds such as those of Pan American Energy and Vista, the oil company from Miguel Galucciowhat They have a negative rate because they are the bonds that the market considers to be less risky. These bonuses are not available today. They don’t have vendors. “It is that these titles are demanded not only by the funds, but also by private banks. Everyone is covered from the devaluation”.
Debt bonds remained almost unchanged because the market considers that they are at a floor following the rise of the dollar. That is why the country risk increased only 2 points to 2,794 basis points.
The Stock Exchange with businesses for $1,665 million had a slightly negative wheel. The S&P Merval, the leading stock index, lost 0.22% but in dollars fell 1.8%.
The ADR’s -certificates of holdings of stock certificates that are traded on the New York Stock Exchanges- operated a record amount of $9,016 million due to the demand of investors who sought to carry out spot operations with liquidation.
Rumors flooded the square and the day ended with tensions. The announcements that the weekend there will be meetings to take action and to ask the opposition for help, did nothing but increase the demand for everything that has to do with bonds in dollars. The dollar linked They were the most wanted. The TV23 rose to 3.04% and the T2V2, which expires on November 30, 1.02%.
Indexed bonds ceased to be competition for the US currency and had widespread falls despite the fact that inflation for the month is projected at 8%.
Today another day of tensions and rumors of all kinds is expected, because it is not a movement that seems to be exhausted and no effective measures in sight.
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