Strong interest in the market for dollar bonds that have already risen up to 38% in one month

Beyond the changes in the bonds, the rate of devaluation of the official dollar remains immovable REUTERS/Dado Ruvic/Illustration/File
Beyond the changes in the bonds, the rate of devaluation of the official dollar remains immovable REUTERS/Dado Ruvic/Illustration/File

Although the Central Bank was left with everything that the exporters liquidated and something else, the wheel left a concern: the volume was the lowest in this second stage of the soybean dollar. The exporters sold just USD 67.9 million that the Central took and added around USD 3 million that it acquired in the Single and Free Exchange Market (MULC) for which it kept USD 70 million.

Reserves increased USD 581 million to USD 39,686 million due to these purchases and the receipt of the IDB loan.

“This was good news for the Central Bank because it was able to retain all the dollars it was paying at $230, the problem is that the liquidation was very little and to increase net reserves it needed to get more than USD 90 million. We must follow this issue so that it reaches the primary objective of this measure: to strengthen reserves and meet the IMF goals,” he said. Salvador Vitelli financial analyst and agribusiness expert.

“We have reached a December where it is difficult to ask the producer to sell and forget about his other obligations such as the rental payment that is linked to soybeans. Soybeans began this stage of December at $80,000 per ton and today they traded at $95,000, that is, more than $10,000 over the first round of December, which denotes the drop in the offer”, he added.

Despite all this, the rate of devaluation of the Central Bank remains unchanged. Although the wholesale dollar was paid $1.49 higher at $176.39, it should not be forgotten that the devaluation of the last 4 non-business days was accumulated. If you look at the end of December in the futures market, the dollar fell to $178.65. If this price is reached, the devaluation for the month would be 6.76%. But, according to the daily report of Andres Reschinithe devaluation rhythm, according to yesterday’s price, is 5.6% per month.

Alternative dollars suffered the surprising revaluation of debt bonds. The titles that are used to buy and sell the MEP dollar and cash with liquidation, the AL30D and the GD30D, rose 3.4%. That is why the MEP dollar lost $6.63 (-2%) and closed at $322.35. Cash with settlement dropped $5.91 (-1.6%) to $332.38.

Debt bonds also had significant increases that caused the country risk to drop 72 units (-3.1%) to 2,271 basis points. It was the best behavior for bonds from emerging countries due to the weakness of the dollar against other currencies and to the fact that the rate on 10-year United States Treasury bonds is at 3.61%. The EEM, which is the emerging market indicator, fell 0.3% directly influenced by Brazil, which has the dollar at 5.32 reais, the Stock Market with a drop of 2.02% and an increase in country risk that made its indicator, the EWZ, lose 3.4%. Lula, without assuming and anticipating his plans for more public spending and a progressive cabinet, is collapsing the market and is a threat to Argentina whose fate is linked to that of Brazil, particularly in the foreign exchange sector.

On the currency income side, the first card expenses of tourists are being seen, to which the MEP dollar price will be recognized. According to the financial analyst report christian buteler with the stocks “the average foreign tourist spends USD 290 against USD 2,831 for Argentines who travel abroad. As always, the problem is not the dollars that leave the Central, but the ones that it does not let in.”

The stock market, despite the rebound in the New York markets, had an adverse day. $2,997 million were operated and the S&P Merval, the leader’s index, lost 2.75% in pesos and 1.1% in dollars. The banks were the protagonists of the fall because they lost up to 4.50%. YPF lost 5.03%.

The ADR’s -certificates of holdings of shares listed in dollars on the New York Stock Exchanges- operated for $4.580 million and had an excellent round where cresud rose 9.7% and Southern Gas Transporter8.9%.

Today the inflation data from the United States is expected, which is key for all stock markets in the world. For now, the local market is betting on debt bonds in dollars whose maturities will operate when the next government takes office. The trader Esteban Monte warned that “the GD30D rose 38.72% in 33 wheels. There was no better investment in recent times”.

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