translated from Spanish: New auctions of the station up to the dollar, what to expect?

American currency opened unchanged on Monday, starting the week 2% below the floor of non-intervention. The Bank nation set in $37,03 closing wholesale currency and $38 round for the ticket retailer.
This decline in the exchange rate is, in external terms, of a new movement of funds to emerging economies. An international context more favourable towards our currency explained by the break from the policy of the Federal Reserve interest rate hike. At least for now. 

Internally the high interest rates continue leaving capital in pesos, benefiting from a high profitability in the short term but ready to move on to green security face an adverse scenario. This is why that the strategy of the Central for February is expected to have changes, lower the rate of interest (which never low of 56%) more quickly is one of the recommendations in a context where credit becomes impossible and production pays the costs. What was observed in the last few weeks is that the strategy of buying $ 50 million per day does not meet the goal to the American currency within the zone of non-intervention. In this note:

Original source in Spanish