Little by little, the price of the dollar in Colombia is correcting downward, which began on Monday – July 18 – again with a fall in its indicators, affected by the uncertainty that exists in the international market in the face of the decisions that it might take. Take the Federal Reserve to rein in inflation in the United States.
According to the Colombian Stock Exchange, This coin opened the market at 4,323 pesos, 72 pesos and 63 cents below the representative market price set for today by the Financial Supervisory at 4,395.63.
Similarly, the price of this currency collapsed in its first run and fell to at least 4,293 pesos, similar to the trend of last week, when it lost more than 200 pesos in its price and returned to the 4,200 barrier that we have not seen for more than that. 15 days ago, when the climb up began.
In this way, the American currency loses about 400 pesos in less than three daysIt erased multi-day record gains that even reached 4,600, driven by fears of a recession in the United States and the economic slowdown in Europe.
In the other values reported by BVC, at 9:00 AM, this coin stands at a final price of 4,301 pesos with 50 cents, an average of 4,303 with 19 cents and a maximum of only 4,325, which was actually already. Lost in the hook marked early in the morning.
According to analysts, the recent results in terms of inflation in the United States, which reached levels not seen in more than 40 years, after exceeding 9%, and Fear of a new interest rate hike by the Federal Reserve These are two factors that generate fear among investors.
At the end of last week it was known that industrial production in the US fell again for the second month in a row. Total production contracted -0.2% compared to May. A review of the data finally showed a stagnation of 0.0% after the initial estimate of +0.2%, a number that had the consensus of analysts.
In the same way, Keep in mind that oil prices closed higher last week In line with the stock markets. Hedge buying ahead of the weekend sent prices higher in a market that remains nervous.
The price of a barrel of North Sea Brent crude for delivery in September rose 2.07% and closed at $101.16. Meanwhile, a barrel of West Texas Intermediate (WTI) crude for August delivery rose 1.88% to $97.59 a barrel.
“All the markets went up, especially the stocks‘,” commented John Kilduff, of Again Capital.
According to Kilduff, operators welcomed the US Federal Reserve’s (FED) announcements of a 0.75% official rate hike at the next meeting, rather than a single point, as the market had feared.
“This sheds some light on the severity of the looming slowdown or recession.“, he added.
For Oanda’s Edward Moya, the consolidation on Friday was also due to good macroeconomic indicators in the US, including a higher-than-expected rise in retail sales for June. Oil posted a classic inflection for the last session of the week, especially in times of economic and geopolitical uncertainty.
* With information from AFP.