In a wheel with low volume operations, due to a holiday in the United States, the dollar exchange rate returns to the downturn, in front of income to the square that is not compensated by demand.
In the branches of the Banco Nación, the dollar is driven by $ 42.60 for sale, with a drop of 40 cents. IN average of the banks in the city of Buenos Aires operated 42.94 pesos.
On the market wholesaler agrees to $ 41.60, which reduces the increase in 2019 to 10.3%, against an estimated inflation of 22% in the first half.
In the case of the currency of the current wheel, the fall of the dollar helps Brazil, where it gives 0.8% or three cents, to 3.79 reais.
Moreover, positive currency flows at local level and interest rates in pesos over high inflation pressure on a bearish trend in the exchange rate, which drilled the floor at 42 pesos for the first time since 21 March.
from Research for traders they warned "a greater offer for local and foreign investors who wants to do carry trade to get higher returns. "
Matías Roig, Head of Portfolio Personal Inversiones, pointed out that in the last two months "it was safe appetite again to be in pesos and get a high speed. The same thing is still a minor proportion compared to the total portfolio, and it seems that there is little going on in the whole market. Almost all investors, especially institutional, they are dollarized".
In the past twelve months The advance of the green ticket on the domestic market as well lose before inflation, with which consumes a good part of the "exchange" competitiveness, product of the deep devaluation of last year's peso.
In the past year, the wholesale dollar increased by 48% from $ 28.10 closed on July 4, 2018. Over the past year, inflation exceeded 55 percent.
From the post nominal on April 26, at $ 46.90 on average of banks and $ 45.97 on wholesale, North American currency subtracted 10.5 percent.
the high prices of reference from the central bank, now close to 60%, but with a floor guaranteed for the whole month 58%, exceeding expectations by almost 20 percentage points inflation for the next twelve months, by 30%, as observed in the latest market expectations survey (REM).
Matías Roig indicated that "they are still very attractive prices, and we should get under 58% without problems, but it will depend a lot on inflation data. "He added that" there is room for lowering interest rates in pesos, however warning still applies, for the election period. "
Jorge Fedio, Clave Bursátil's technical analyst pointed out that "The the dollar stabilized and began to fall, the same as land risks, the price falls and thus the fixed upturn in the stock market ".
Average marked Political "component" of the economic variables behavior, because "there is a better own and external climate, it Government surveys are being improvedor, Macri has already left to pull down, and with the return of Argentina to emerging markets, there is more volume that retains that increase ".