The US currency has been on an upward trend this week, closing above $4,900 on Tuesday’s day. The devaluation so far this year is 1.62%.
“We hope that this $4,900 in dollar behavior is somehow a ceiling as we saw some liquidity on Tuesday as several buyers urgently wanted to enter the market,” said Juan Eduardo Nates, senior foreign exchange officer at Credicorp Capital. .
He added that with annual inflation data for 2022 to be released today by the National Administrative Department of Statistics (Danish), “will shed light on what the Bank of the Republic can do before January 27 next in the decision of the new rate”.
Oil below USD80
The Brent oil reference price for Colombia fell 5.18% to USD 77.84, while the WTI reference fell 5.3% to USD 72.84.
Investors are concerned that the new wave of Covid-19 in China – the world’s largest importer of crude oil – will affect oil demand and that the economy could soon slide into recession.
Monetary policy from the US Federal Reserve, which has said it needs to see more clear signs of inflation easing before abandoning further rate hikes, analysts say is behind the latest drop below USD80 a barrel.
Source: El heraldo
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
