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The dollar recorded the largest monthly drop since October and closed down below the zone



Logged in with One and Freer Exchange Market (MULC), where the currency fell to 16 cents at 37.35 USD and collected a loss of 35 cents in January, is located below the non-intervention zone established today by the central bank 37,860 and $ 48,995, The monthly drop in the wholesale segment occurred despite the fact that the central bank intervened by purchasing US $ 560 million in order to avoid delays in the foreign exchange market, which could not be determined by operators.

We must not lose sight of the fact that, as reported by the Ambito Financiero, the market has rejected that today or not tomorrow, the announced Central Bank's decision to increase the amount of daily purchases from the current $ 50 million. , which at this time did not have much impact on the square, to $ 150 million initially planned in the new monetary policy scheme.

"The expectation is growing for the effects that the expansion of currency purchases in Central America would have – as it would be estimated – as well as on the recent strategy to accelerate rate reduction rates, looking for the possibility of redistributing dollars within the group," economist Gustavo Ber emphasized.

Also, the monetary authority is now placed on the steering wheel Liquidity (& Leliq & # 39;) Lyrics for $ 145,000,000 at an average rate of considerably lower 53.687% seven days ago (on Wednesday it was 54.889%). While the maximum assigned rate was 54% and a minimum of 51.999%.

"All emerging markets tighten against the dollar because of yesterday's FED decision not to touch the interest rates", highlighted by ABC Mercado de Cambios.

It should be kept in mind that it is Federal Reserve of the United States He maintained interest rate stability Wednesday but said he would be keen on increasing loan costs this year and pointing to growing uncertainty over US economic outlook.

In the meantime, from the consulting company Delphos Investement, they claimed that "this week marked the turning point for issues in the pots prompted by the current good financial moment." During January, there was a recovery in demand for rubbish, concentrated in demand for money speculatively. "

They added that "This reflected a re-increase in the growth of time deposits, which increased by 6.5% compared to the previous month and the revival of appetite for private placement in pairs, resulting in an increase in the amount of emission and a reduction in the yields needed".

It should be noted that the currency has now dropped its position with a very active offer that has eliminated the resistance that offers the demand for coverage. Falling sessions were recorded at $ 36.90 shortly after business start-ups, while in the last trading hour the securities jumped again with a higher intensity, reaching a maximum of $ 37.35.

According to operator Gustavo Quintani, PR Corredores de Cambio, the dollar drop "in some way contradicts the projections of analysts who have expected evolution more in line with official guidelines setting the values ​​of official non-intervention zones".

He also said that "The permanent decline in the benchmark interest rate set by the Central Bank had no impact on the evolution of the dollar, which maintained the trend of weakness, whose reversal seems to be the least probable in the short term".

The fall in local currency market rates is in line with the region. So much so that in Brazil on Thursday it was 0.9%; in Chile 1.9%, and in Mexico by 0.4%.

Dollar in the world

The dollar weakened on Thursday afterwards The Federal Reserve has pledged to be patient in its US interest rate increase cycle, an advertisement that drove the euro.

As expected, the Fed held stable rates Wednesday and, in a formal policy change, said it would be patient in the face with any additional increases due to growing uncertainty in the United States.

Dollar index lost for one 0.2%, for at least three weeks of 95.16. In previous operations it has already lost 0.4%.

Other markets

In the money market between banks call the money was operated on an average of 44%.

IN rofex USD 1,785 million was executed, of which more than 45% was agreed in the period January to February, and in the end they amounted to USD 37.06 and USD 38.60; with a final rate of 47% until it stops working in January at 2:30 pm. March was closed at $ 39.75, with a 39.75% rate. The prices were low in the $ 0.25 range, followed by a slump.

In the informal square, in turn blue fell 75 cents to 37,50 USD and is consolidated below the official statement, according to a survey of this media in caves at the center of Buenos Aires. Meanwhile, "contad con liqui" on Wednesday gave it nine cents to $ 37.41.

Finally, Reserves of central bank USD 39 million this fall fell to $ 66.406 million.


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