The financial dollar remains stable around $1165 for the MEP and $1186 for the spot with settlement. According to a report from the BCRA, nearly $1000 million were used in December and the first 16 days of January to intervene in financial dollars. Nicolás Cappella from the IEB desk commented that this amount helped to sterilize pesos.
The consulting firm 1816 highlights that the volume of operations in AL30 against the MEP and cable in BYMA PPT T+1 remains significantly high, suggesting that the sterilization of pesos by the Central Bank in the financial dollar market continues to play a relevant role in supporting the value of the currency.
Analysts from the Outlier consulting firm note that the MEP operated mostly upwards during the day, exceeding $1170, but at the end of the session, significant sales against pesos were recorded in the AL30 market. This movement could be related to official interventions, according to experts.
The government is maintaining intervention in the financial markets as it continues to buy foreign currency in the official market. Analysts from the LCG consulting firm warn that recent interventions by the BCRA in the CCL and MEP markets could delay a new rate cut.
The IEB team and analysts from LCG agree that there has been official intervention in financial exchange rates in the latest operations in BYMA T+1 of GD30 and AL30. Despite some estimates possibly being distorted by reinvestments in hard dollar bonds, it is estimated that daily intervention is around $100 million.
Additionally, in the last 6 sessions, the volume traded in AL30C and AL30D has averaged $229 million, well above the $90 million daily traded in October and November.
