After twelve consecutive days of strong increases, the Dolar blue It is sold this Wednesday with a drop of twenty-one pesos to $474 in the caves of downtown Buenos Aires and is slightly away from its historical maximum. Meanwhile, the stock dollars operate with a downward trend, officially intervened to prevent an escalation in their price.
Market sources pointed out to iProfessional that “the blue should start to stabilize, since the correction you made put it in high valuessa market prices”, for which reason they did not even rule out that the currency could drop its price a bit.
In the stock market, the Dollar Counted Settlement (CCL) trades at $452,52while the MEP is offered in $446,03.
In the foreign exchange market, retail dollar sells for $228.30 average, with a rise of 62 cents compared to yesterday. In it wholesale marketthe US currency is located at $221,54with an increase of 77 cents in relation to the previous close.
The blue dollar reached an intraday record of $497
Can free dollars go down?
To the market, a dollar at $500 “is expensive” subject to the appearance of help from the IMF, otherwise the value of the currency can even skyrocket its price.
In this sense, the economist, Salvador Di Stefano, pointed out that “”a dollar at $500 looks a little high right nowprofit taking should ensue, if there is help from the IMF it calms down, otherwise it is cheap”.
A renowned Buenos Aires economic consultant also put the dollar at a value close to $480 and they explained that “if nothing strange happens, those should be the new values of the free dollars”.
And they added that this will also depend on the decision of the Central Bank on Thursdaythat is to say, “if interest rates rise, we will surely see some disarmament of positions to bet on the carry trade, but last week the market was pleased to little, let’s see if they rise at least 3000 more basic points to make her attractive again.
The “Massa Threat”
The market will also be attentive to the intervention that the government will make in the exchange market. Not only intervening to lower the price of cash with liquidation and the MEP, but also making use of the legal tools that the State has to control brokers.
Yesterday, in the midst of the currency run that led the blue dollar to trade at almost $500, the Minister of Economy, Sergio Massa, emphasized: “We are going to use all the tools of the State to order this situation and in that sense we notified the IMF of the restrictions that weighed on Argentina and we are going to change in the rediscussion of the Program”.
In this line, the minister assured that he is going to “use economic Criminal Justice as an investigative vehicle and clarification of some behaviors and the FIU (Financial Information Unit) and to the CNV (National Securities Commission) for the analysis of operations related to money laundering”.
“At the same time, we are going to continue with the multilateral agreements, exporters with the transformation of exports into yuan and the disbursement agreement with the IMF to strengthen the reserves that were affected by the impact of the drought,” concluded Massa.
How much is the blue dollar trading today?
The blue dollar is located in $474 for sale now $469 for purchase.
How financial dollars operate
In the stock market, the Dollar Counted Settlement (CCL) trades at $452,52while the MEP is offered in $446,03.
What is the official dollar price
The retail dollar sells for $228.30 averagewith a rise of 62 cents compared to yesterday.
In it wholesale marketthe US currency is located at $221,54with an increase of 77 cents in relation to the previous close.
Thus, the dollar with the 30% surcharge -contemplated in the COUNTRY tax-, marks an average of $295.98 per unit, and with the advance on account of the Income Tax of 35% on the purchase of foreign currency, to $375 .67.
While, The dollar destined for tourism abroad -and which has a rate of 45%- is located at $398.44, while for purchases over 300 dollars -and which has an additional tax of 25%-, it is located at $456 .60.
The currency gap
Lastly, the exchange gap between the average retail dollar published by the BCRA and the different exchange rates is as follows:
- Blue: 115%
- CCL: 104%
- MEP: 97%
