After the announcement of the decline of withholdings, the financial dollars fall strong and the Merval sinks

The day after the announcement of the decline in retentions to agriculture, Financial dollars show strong falls, around 3%. The actions also move down, which leads to the Merval index to sink 4%.

In recent days the actions were sustaining better than the bonds, which accumulated more than a week of losses. But in this wheel they opened down, with a fall at the beginning of the 3% day that passed at noon It extended to 5.7% and then rearranged at 4%. In the dollar version the Buenos Aires stock market index loses 1.5%, although so far in January it shows a 2%improvement.

The fall in financial dollars around 2% carries the quote of the MEP to $ 1.144 and that of cash with liqui to $ 1.157. With this the dollar bag is almost 100 pesos cheaper than the Blue, which quotes $ 1.235.

In the market they attribute this setback to the announcement of the withdrawal of the withholdings would improve the liquidations of the field which would allow the government Have more currencies in the Central Bank and have more margin to control the official exchange rate.

As of February 1, the Crawling PE will pass from 2% monthly to 1%. With the loss of today, The gap between the cash with Liqui and the official dollar collapses to 6%. After the decline in retentions and already with the confirmation of the crawling peg adjustment, the market expects the next step to be the decline of interest rates.

Economist Gustavo Ber said that the decline in withholdings “will generate relief to the field and also would enhance an increase in supply of dollars in the coming months, which could allow to reinforce the buying streak of the Central Bank of recent times to continue improving reservations. It happens that this objective could even be enhanced to advance soon in an agreement with the IMF that allowed to receive fresh funds, and so they could continue to raise exchange restrictions. ”

“The perspective of an increase in the currency offer immediately had its correlation in the financial dollars that loosen up, dynamics that could be extended in the coming months of continuing the positive signals on the process of disinflation and the reduction of crawling-pe, As operators are already anticipating through the different curves, “Ber added.