2023-06-06 18:45:00
The dollar in Colombia consolidates downwards in the first days of June and its price fell to less than 4,250 pesos.
(See: Colombian exports fell 31.5% in April 2023).
This Tuesday, June 6, the currency opened at 4,270 pesos and at no time during the day was it traded at more than 4,300 pesos: 4,283.80 pesos was the maximum value and 4,211.65 pesos, the minimum.
Other values that were registered in the day were 4,219.87 4,225, 4,251, 4,251.21, 4,270 and 4,272 pesos.
In the end, the average trading price of the dollar was 4,245.81 pesos, 55.81 pesos below the Representative Market Rate (TRM) of the day, which was 4,307.02 pesos.
Experts have explained that the minimum price at which it can carry the currency is 4,200 pesos. Some factors that might impact the price curve in the short term are associated with macroeconomic scenarios, uncertainty in internal political measures that would generate a country risk and to external situations, such as new measures by the Fed or bearish values in ‘commodities’ (oil).
(See: What augurs for the Colombian and global economy in June).
For now, the Colombian peso It is the currency that registers the best performance in this 2023 among developing countries.
“The markets are comfortable with the crisis that begins to unfold in the administration of Petrosaid Brendan Mckenna, currency strategist at Wells Fargo.
“If the Petro reform agenda cannot be implemented and the Petro is essentially in a weak scenario, that combination removes a lot of political risk from the currency.“he added, as reported by the agency Bloomberg.
(See: New Banrep calendar to disclose interest rates).
Petro seeks to reform the Colombian economic model with three structural reforms to the health and pension systems and the labor market.
Colombian pesos iStock
Besides, fiscal and current account deficits are “falling very fast, and the likelihood of major structural reforms to social security that would push up fiscal spending has declined substantially in recent weeks,” said Armando Armenta, a senior economist at AllianceBernstein in New York, which favors Colombian assets. since last October.
(See: Colombians feel deterioration in their living conditions).
“While the Mexican peso continues to lead the risk-adjusted carry trade in Latin America, Colombia is significantly more attractive than Chile and currently sits neck-and-neck with the Brazilian real for second-best in the region,” he added. Bloomberg.
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