The dollar continued its bullish streak on Tuesday, standing at an average price of $3,947.54. The Colombian peso depreciated 0.21% against the US currency.
The closing price was $3,944.70, which is $8.20 higher than the previous closing price (Monday).
On the day it had an opening price of $3,950.00; a minimum of $3,933.50 and a maximum of $3,966.00.
In addition, USD 1,232.73 million was traded in 1,926 transactions.
Alejandro Reyes, BBVA Research’s chief economist for Colombia, points out that a global phenomenon of strengthening the US dollar has begun to take shape in recent weeks.
This follows from two main sources, on the one hand the discourse of various members of the US Federal Reserve about possible policy actions and their concerns about inflation.
On the other hand, there is a movement of risk aversion due to the Covid-19 outbreak in China and concerns about activity and inflation.
“Both are having a downward effect on commodity prices, with oil in particular approaching $100 a barrel, reversing some of the gains seen since late February,” he added.
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.
