Wholesale Dollar Opens at 1.512, Market Awaits Stability After Weekly Drop

The wholesale dollar rises again this Monday, opening at 1.512. Last week, the exchange rate showed a decline of 0.3%, its first weekly decrease since mid-August. The market will be attentive to the stability of the exchange rate and the demand for coverage in the coming months. The latest Market Expectations Survey (REM) from the Central Bank indicates that the dollar is expected to be at 1.530 for September, 15.80 below the previous projection, and at 1.630 for December. Futures suggest a wholesale dollar of approximately 1.528 by the end of September and 1.609 for December. A gradual slide of the exchange rate is anticipated without abrupt jumps. The next inflation data will be crucial; the REM estimates an August CPI of 1.7% monthly. If a slowdown below 2% is confirmed, it could moderate the incentives to dollarize portfolios. Mills Capital highlights that interest rates in pesos offer a return above inflation and the expected depreciation of the dollar towards December, encouraging positions in local currency. The uncertainty lies in whether the dollar will remain calm or if the demand for coverage will increase as September progresses and the electoral expectations for 2027 loom.

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