The market trusts the economic team to keep the financial dollar around $1100, even though it is currently nearly 10% above that value. It is expected that the Central Bank of the Argentine Republic (BCRA) will become more active in sterilizing pesos to lower the dollar below $1200, according to analysts.
Pablo Lazzati, CEO of Insider Finance, points out that the recent "Libra Gate" should not cause an increase in financial dollars in the short and medium term. He emphasizes the importance of the Government continuing to maintain a surplus and selling foreign currency when deemed necessary. Regarding currency interventions, the BCRA bought $171 million on Tuesday, continuing the good streak of February.
Alan Mac Carthy, CEO of Front Inversiones, mentions a significant increase in inquiries from investors interested in the MEP dollar to dollarize their portfolios. Although he does not see unusual flow, he highlights that the inquiries are motivated by portfolio reviews. In the short term, it is expected that the range will be between $1200 and $1300, while at the beginning of March, it could retreat to values between $1100 and $1150 due to seasonal factors.
Fabio Saraniti, CEO of Win Securities, believes that the restriction of pesos due to good fiscal and monetary numbers is what truly puts a ceiling on the dollar and keeps it stable. After a tumultuous day in the market, with turbulence following the "crypto gate," the blue dollar reached $1250 before closing at $1225, according to major currency brokers.
The explanation for the drop in the blue dollar is attributed to a scarcity of business and pesos in a recessionary market. Analysts point to a possible downward trend, with the MEP dollar and the liquidated dollar both dropping by 0.5%. The Government is expected to continue intervening to keep financial dollars under control and prevent the MEP from exceeding $1200, acting as an older brother market to the blue dollar.
