Dollar truce on the Stock Exchange: CCL and MEP fell to $ 1.46 (but blue set new record)

Meanwhile in the Stock Market, the Dollar Cash Settlement (CCL) -which arises from the sale of bonds or shares in order to escape capital from the country- it dropped 1.2% to $ 118.43, from its record high of $ 119.91 on Tuesday. The gap with the wholesale price, thus, closed at 76.5%.

In turn, the dollar MEP o Stock Market – same operation as the CCL but within Argentina- fell $ 1.20, or 1%, to $ 115.88, which left a spread of 72.7% against the currency that operates in the MULC.

On Tuesday both quotes had jumped around 7%, operating very close to $ 120, despite new official limitations to curb the demand for foreign exchange.

Recall that since last Monday the restrictions on making dollars in both the exchange market and the Stock Market increased.

By provision of circular A 7001, the Central Bank ordered that a person who made purchases for up to $ 200 in the retail market will not be able to carry out operations with Cash with Liquidation and dollar Exchange for 30 days after the date that foreign exchange was made.

The circular also establishes that in the operations of these implicit exchange rates, entities must require the presentation of a sworn statement from the client.

It was also established that companies that received help from the Government to overcome the pandemic will have to request special authorizations to access the dollar.

At the same time, more measures were taken to attenuate the demand on the stock market dollar: Stockbrokers will no longer be able to participate in the business of buying and selling currency in the official market.

In addition to this, the CNV last week regulated the rule that limits the holding of dollar deposits by FCIs whose currency is in pesos to only 25% of the Equity (they have time to adjust until next Friday the 15th).

Dolar blue

The official measures launched last week by the Central Bank and the CNV to limit the purchase of dollars on the stock exchange caused greater pressure on the parallel market, where unlike the implicit exchange rates, the blue returned to operate on the rise, climbing $ 2 to unpublished $ 122, in caves of the Microcentro, according to a survey of Scope.

Since the beginning of the mandatory quarantine decreed by the Government, the informal dollar accumulates a jump of more than $ 37.50 (on March 20 it had closed at $ 85.50).

Official dollar

The tourist dollar -with 30% surcharge for the COUNTRY tax- increased 20 cents this Wednesday to the maximum of $ 90.30 in agencies and banks of the Buenos Aires city, according to Scope average. Meanwhile, the average price of the dollar retail in banks advanced 15 cents to $ 69.46.

At the same time, at National Bank, the price of the ticket climbed 30 cents to $ 69.25 (on the electronic channel it rose to $ 69.20).

At The Single and Free Exchange Market (MULC), meanwhile, the currency rose ten cents to $ 67.10, amid the BCRA’s strategy of regulating the market in order to only validate a gradual slide in the price, even as the gap against financial references is widening, and regional devaluations are accentuated.

The monetary entity, which as usual intervened with purchases and sales, would have ended the day with a balance in favor of about $ 20 million, indicated market sources.

The amount negotiated in the wholesale exchange plaza it fell 39% to $ s211 million. “The reduction in the volume of operations is a functional factor to the official strategy that guides the evolution of the exchange rate variable without sudden jumps and independently of the strong volatility shown by the international currency markets,” explained from PR Corredores de Cambio .

Future dollar

In the ROFEX futures market, prices again showed falls of around 0.2% on average. The months of May and June concentrated only 20% of the operated volume, with rates of 36.12% and 44.0% TNA, respectively. The operated volume was u $ s294 million.

Bookings

The BCRA’s International Reserves rose on Tuesday by $ 15 million to $ 43,590 million and they had their second consecutive rise.

Dollar in the region

Latin American currencies They fell this Wednesday after the publication of negative economic data from the United States and Europe that showed the devastating effects of the spread of the coronavirus.

Private employers in the United States laid off a record 20,236 million workers in April, amid mandatory business closings due to the coronavirus pandemic, a figure that suggests historic job losses in the country last month.

Meanwhile, manufacturing data in the euro zone and the United Kingdom painted a bleak picture as well. “The data confirms that the unemployment rate will show (on Friday) a significant increase, probably to levels not seen since the Great Depression,” Banco Base de México said in a report.

In this context, the Mexican peso fell 1.2%, while the Brazilian real fell 1.7%, on a day in which the Central Bank’s monetary policy decision was disclosed, with nervous investors in the midst of local political tensions, and after the downgrade of Brazil’s rating outlook by the Fitch agency.

The Colombian peso weakened 0.7%, while the Chilean peso was down 0.6%. Meanwhile, the Peruvian sol fell 0.5%.

In the world, the yen and the dollar were rising, because investors sought refuge in those currencies after negative global economic figures.

The yen rose to a seven-week high against the dollar and a peak of three and a half weeks against the euro. The dollar was at its highest level in more than a week against a basket of coins. Manufacturing data in the euro zone and the UK painted a bleak picture, undermining the euro and the pound sterling.

“We had some grim data in Europe and the UK manufacturing data was also very bad, similar to the US figures,” said Shaun Osborne, chief currency strategist at Scotiabank in Toronto.

The dollar index was up 0.3% at 100,100, after it earlier hit 100,200. Against the Japanese currency, the dollar was down 0.4% at 106.11 yen, after hitting a seven-week low of 106.06 yen.

The euro was down 0.3% against the dollar at $ 1.0802, its lowest level in nearly two weeks. It resumed its decline after a German court questioned the country’s participation in the euro zone stimulus program.

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