Yesterday, the dollar closed at an average price of $4,337.54, an increase of $69.24 compared to the current representative market price ($4268.30). With the above, President-elect Gustavo Petro will receive the mandate at an exchange rate of $4,337.28. According to the Set-FX platform, The opening price of the US dollar was $4,325 on Friday, while the high was $4,360 and the low was $4,315.5. During the day, more than $750.8 million were negotiated through 1,235 deals.
The bullish behavior recorded by the exchange rate on Friday is partly explained by the political uncertainty, According to Diego Palencia, Vice President of Research at Solidus Capital Investment Banking. Yesterday was last Friday before the inauguration of the new government. Political uncertainty, caused by multiple messages without technical support and without a reliable plan, has led to the greatest volatility in recent years and a loss of liquidity. Palencia declared that the perfect storm is above the exchange rate channel, which continues with unprecedented fluctuations.
The currency rally also occurred after the release of inflation data for June. According to the National Administrative Statistics Service (Dane), prices rose 10.21% annually in July, the highest number in the last 22 years.
How is the oil?
Crude oil prices fell after the jobs report eased recession fears. At the close of this release, the price of a barrel of Brent crude, a reference to Colombia, rose 0.32% to $94.42. While West Texas Intermediate (WTI) was down 0.06% to $88.49.
The group of OPEC producers (the Organization of the Petroleum Exporting Countries) agreed this week to raise its oil production target by 100,000 barrels per day for the month of September.But it is one of the lowest increases since the introduction of the quota in 1982, according to data provided by OPEC.
Supply fears are expected to rise as winter approaches, as European Union sanctions, which ban offshore imports of Russian crude oil and petroleum products, will take effect in December.