The financial analyst gave his opinion on whether there could be a currency run or a surge in the blue dollar. The causes of why it rises.
Claudio Zuchovicki is one of the most listened to economic analysts in the city of Buenos Aires.
Claudio Zuchovicki He is one of the most listened to economic analysts in the city of Buenos Aires. When consulted about the rise of the blue dollar, he gave his opinion on the value of the note in the parallel market, and referred to the consequences of a possible exchange rate run.
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“There have been three consecutive days of strong purchases by the Central Bank of the official dollar. If the fear is whether there could be a currency run here or a surge in the dollar, it makes me feel calmer that the official dollar is still a buyer and the BCRA continues to rebuild reserves.“Zuchovicki explained in an interview with Radio Rivadavia.
Since the calm in the blue dollar was broken, the note has shot up more than $160 and reached new all-time highs. “These are the moments where one has to be calm and see all the variables, but obviously you cannot stop seeing these signals. The dollar, for me, has always been a manifestation of mood, and when you suspect or worry, you cover yourself, that’s why you shouldn’t underestimate their behavior,” he added.
“When I see the BCRA buying and the rest of the economic variables, I think it has to do with an old economic principle that never fails: sooner or later, everything correlates to the average,” he indicated.
“If the dollar was flat for a long time and the interest rate gave you a very good return just by selling dollars and leaving it at the rate, in three or four days you would get that return that was artificial,” he explained.
Why is the blue dollar rising?
In addition, he pointed out that the boost of the blue dollar occurs in the informal economy, where the pesos are not banked. “As there is no attractive investment and recession, people cover themselves a little”he added.
In this sense, the specialist assured that it is “an adjustment of an exchange rate that had remained static for a long time.”
Yesterday, Tuesday, financial dollars rose again. “The MEP dollar advances to $1,118.63 and the cash with settlement to $1,151.18.” In the market, some analysts attributed the rise in the exchange rate to the pronounced reduction in interest rates by the Central Bank.
