The price of the dollar in Colombia maintains an upward trend, after Thursday, August 18, it reopened with a strong rise, driven by the volatility of oil prices and fear in the international markets due to the announcements by the Federal Reserve on interest rates day.
According to the Colombian Stock Exchange, this coin started today with an opening value of 4,350 pesos, More than 30 above the representative market price set for today by the Financial Supervisory Board at 4,316 pesos and 47 cents, after the rebound witnessed throughout the week.
Similarly, in its first operations it maintained the upward trend, reaching around 8:30 am to 4,400 pesos (4,405 as the maximum point), while the lower around similar levels to the opening and the average is at 4,403 pesos , resulting in an increased range of growth achieved in less than three days.
Counting the sessions on Tuesday and Wednesday, the dollar rose by 177 pesos, considering that it ended last Friday at 4,166.66, after several bearish sessions. In the negativity that characterized investors during those days. With the rise of this shoe, its price has already risen to 200 pesos.
According to analysts, this rebound occurs as a recovery effect, after the optimism that prevailed in the markets due to the information revealed yesterday by the Federal Reserve in the United States in the face of new interest rate increases, which apparently will not be the case. aggressive as expected.
“At the moment, we see the markets in relative calm after knowing the minutes of the last meeting of the Federal Reserve In which we saw, as expected, that in the discussions it will be a little clear how lower interest rates or less sharp hikes will be made, as inflation shows signs of slowing down,” said Juan Eduardo Netes, foreign exchange partner at Credicorp Capital.
However, this expert emphasized that it should be borne in mind that there is hardly a single report that shows signs of slowing inflation which is why it was seen at the meeting that the Fed will rely heavily on data as the criteria for determining upcoming increases. Finally, the question of how they abandoned the issue of violent rises was not found until they really saw that inflation was constantly falling.
“We see oil rising slightly above 1.5% with WTI above 89 (dollars per barrel), Euro very stable at 1,101; region currencies also correcting something after euphoria to see Fed text: We see Mexican peso that fell below 20, 19.97 More or less; the Chilean peso is weakening, although it is also here Nets added that the GDP data in that country affects the unexpected, with Brazil standing firmly in support of 5.15″.
Likewise, it should be noted that oil prices closed higher on Wednesday, after a strong and sudden drop in commercial crude oil reserves in the United States.
The price of a barrel of North Sea oil for October delivery rose 1.41% to $93.65. Meanwhile, the price of a barrel of West Texas Intermediate (WTI) for delivery in September rose 1.82% to $88.11.
However, oil is still far from this year’s highs, with Brent crude reaching 91.51 for the day, a level not reached since mid-February, before the Russian invasion of Ukraine.
Stocks in the United States have allowed crude oil to regain some ground it lost this week amid fears of a recession. After the very discouraging indicators in Europe and Asia which could affect the demand for black gold.
According to the US Energy Information Agency (EIA), commercial oil and gasoline stocks fell in the week ending August 12: crude stocks fell 7.1 million barrels, to 425 million, and gasoline stocks fell 4.6 million.
According to experts at BVC, the dollar is expected to fluctuate today between 4.00 pesos as a maximum point, While the bottoms are very close to the values we saw on Wednesday, considering the lack of strong market pressure, so the uptrend will continue.
*With information from AFP.