The dollar today | The price of the dollar today in Colombia, September 7, 2022 | Finance | Economie

The dollar in the Colombian market It has seen a day of strong changes and ups and downs. Although in the first minutes of trading it reached nearly $4,500 on Wednesday, its price fell during the day and ended with 35 pesos below the level. TRM today.

(Dollar at $4,500? Reasons why the coin is so close.)

at the beginning of the session, The foreign currency reached the maximum price of 4,500 dollars, but then fell flat and closed at the average price of 4,445 dollars, that is, it lost 35 pesos, after rising by 18 dollars.

In Colombia, so far in 2022, the dollar has recorded an increase of about $ 500, which is a depreciation of the currency by more than 12%, while the devaluation has already reached 18% in the past 12 months.

Despite the day’s decline, the uptrend continues

Dollar market analysts say that internationally the US currency is getting stronger due to the expectation of higher interest rates by the Federal Reserve (Fed) to deal with inflation in that country.

According to an analysis by Grupo Bancolombia, This behavior of the country’s currency was triggered by the risk aversion environment in the markets. Indeed, the Institute of Supply Management’s (ISM) non-manufacturing PMI continues in an expansionary terrain (56.9), driven by an increase in orders due to lower inventories, a strong labor market and moderation in producer prices, reaffirming expectations for an adjustment of at least 75 basis points. (0.75%) by the Federal Reserve.”

On the other hand, says Bancolumbia, at a time when uncertainty is growing about the next meeting of the European Central Bank, the recent suspension of the supply of Russian gas to Europe could limit the size of the next interest rate adjustment, to the point of inflation. The pressures contrast with fears of a recession in the region.

(Would a dollar be possible at $5,000 today in Colombia?).

In this way, the major stock indices fell, the dollar strengthened globally, surpassing the level of 110 (DXY global currency index), and the 10-year Treasury yields rose 14.29 basis points to reach the maximum not observed since June.

Thus, today’s transactions amounted to 994.08 million US dollars.

Over the coming days, according to the analysis of Bancolombia Group, the exchange rate could continue above the 20-period average of $4,367 and below $4,534, a level that corresponds to the upper Bollinger band (the benchmark for statistical exchanges in relation to prices).

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