The market temperature is clearly rising. The Central Bank did not capture reserves and had to part with USD 76 million in the middle of the peak harvest season. According to the Bank’s own estimates, it should record purchases of USD 300 million daily during June. Far from this, average purchases are in the area of USD 5 million.
“The market reads this,” says a renowned financial consultant. This is reflected in the result of this Wednesday’s tender. The Ministry of Finance announces that it awarded $8.4 billion, having received offers for a total of $15.1 billion. The outstanding fact is that it had to validate real rates close to 65%, stated the source consulted. Meanwhile, Lecap’s offer was void.
“The proceeds from this tender will be used to buy the dollars necessary to pay the next debt maturities in foreign currency during the month of July,” they stated from Economía.
But the market warns that the accounts do not close. USD 4,783 million mature in July. Gross reserves closed at USD 29,885 million. Meanwhile, the external debt jumped by more than USD 2 billion in the first quarter of this year. It went from USD 287,809 million to USD 289,969, as announced by Indec this Wednesday. “Imports must be added to that account,” remarked the consulted source.
This is reflected in the parallel dollar segment. The blue maintains the upward trend. For the second consecutive month it will consolidate an increase greater than inflation. The currency was traded at a record price of $1,380, accumulating a gain of 155 pesos or 12.7% in June, after having increased more than 17% during May.
Financial dollars also continue the bullish path. The CCL operated at $1,333, the MEP at $1,321 and the crypto dollar exceeded $1,400.
