One factor will be the payment of midyear worker bonuses, starting around July 10. Another factor will be the Independence Day holidays at the end of month.
"These seasonal factors will be reflected in an increased demand for soles and the offer of dollars on the part of companies to meet their obligations," Mr. Guerrero told Dow Jones Newswires on Thursday.
That demand for soles could be somewhat higher than normal.
"In the case of the worker bonuses this year they will be paid without any discounts, as Congress's Labor and Social Security Commission has extended a tax-free benefit until 2014. This will likely mean more disposable incomes for consumption and savings," Mr. Guerrero added.
Mr. Guerrero noted that international volatility could have an effect in July on the movements of the sol.
"The final effect of the appreciation pressures on the sol in July will depend on what takes place in the international market. Our base case view is that, at least in July, we can expect a somewhat volatile international scenario, but without the outbreak of any new exchange rate hiccup," he added.
The sol has appreciated 3.23% against the dollar over the last 12-month period. So far this year the sol has gained 1.04% against the U.S. currency.
To June 19 this year the central bank has purchased a net $7.4 billion in order to smooth out volatility in the foreign exchange market.