How did Tuesday 16 August start?

The price of the dollar in Colombia changed its direction this Tuesday – August 16 – and left behind the continuous price declines in the past week, which made it less than 4200 pesos, and in today’s session it is regaining much of the ground that was ceded in the previous days, despite the fact that fears and expectations They persist due to the announcements from the Federal Reserve regarding interest rates.

Although, according to the Columbia Stock ExchangeThis coin opened its operations at an initial price of 4,174 pesos, 9 below the representative market price set today by SuperFinancial at 4,185 pesos and 49 cents, and quickly corrected its trend and started to rise.

In its first moves in the domestic market, the dollar initially fell to the minimum of 4155 pesos, which means that it will fall, due to the fear that exists in global markets due to the ghosts of recession that do not completely disappear in some countries, as the effect of last week’s optimism has Already finished.

However, with a cutoff at 9:00 am, it is a strong uptrend and currently quotes a maximum price of 4,217 and an average of around 4,211 pesos, And thus back to the values ​​seen last Wednesday, When I began to descend to the previously mentioned values.

For Juan Eduardo Netes, an analyst at Credicorp Capital, there is some tension at the moment among investors, as many companies are reducing their profit forecasts for the next year, and anticipating a decline in consumption, thanks to recent increases in rates. benefit.

We wake up with markets in typical stresses of recession fears Which is still unfounded in the Federal Reserve raising interest rates. Basically, we have some companies where traders are looking at how companies can expect lower earnings for the next year, and obviously that depends on raising interest rates and with that, expect less depreciation for the coming months,” this expert said.

The past week was marked by the appreciation of local currencies, including the Colombian peso, driven by the calm in the US markets, which eased slightly after the inflation data revealed by the White House, which gave a respite from the pressures that it was under. testing.

“The dollar pressured again higher, with DXY already approaching 106.85, which is the EUR going back to 1.01 that we saw after going over the 1.03 cap last week. Oil coming back strong, 95 in the case of Brent crude and 85 for WTI, that’s pressure on the goods in a certain way, Which is also correcting lower after last week’s optimism,” this expert added.

Oil prices fell sharply on Monday and US West Texas Intermediate crude fell below $90 on the back of disappointing data on the Chinese economy and the prospect of a deal with Iran over its nuclear program.

In London, a barrel of Brent crude from the North Sea for October delivery lost 3.10%., to stay at $95.10. Meanwhile, in New York, West Texas Intermediate (WTI) for September delivery fell to $89.41, a 2.91% loss.

He explained: “We see the Colombian pesos breaking 4200, once again this important support within the volatility and moving today in a barrier between 4150 and 4125 pesos, which is the support before these new highs this year.” John Edward Nets.

For today, the outlook for Colombia is in the data of the Follow-up Economy Index that reveals the Danish, who will be with him The clarity of the effects of inflation in the country and whether it finally, as expected, began to affect national production.

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