The price of the dollar in Colombia began with increases once more, following this Friday, July 22, it climbed very close to 4,450 pesos, influenced by the recent drop in oil prices and the movements of the markets in Europe that follow. adjusting for the recent rise in interest rates.
The Colombian Stock Exchange reported that this currency opened the market with a price of 4,428 pesos, 18 more than the Representative Market Rate set for today by the Financial Superintendence at 4,410 pesos and 14 cents, following yesterday it surpassed the 4,300 barrier and recovered part of what was lost last week.
Likewise, in its first operations, the US currency has risen without brake until now and is even located at a maximum point above 4,440 pesos, sustaining the rise in its price that started yesterday, Thursday, July 21following Wednesday recess on account of the Independence Day holiday.
This has been a good week for those who depend on a high dollar, since despite the falls of last Thursday and Friday (July 14 and 15), since its start on Monday 18, made clear his intentions to climb and seek that historical maximum of 4,600 pesos that made many think.
In other values reported by the BVC, for now, this currency is quoted at an average price of 4,432.16 pesos, with a last value (9:00 am cutoff) of 4,445 and a minimum of 4,412 pesos and 08 cents. According to analysts and experts, this slight drop will not affect its growth dynamics, since there are factors that drive its rise.
In the first place, it should be taken into account that the international oil market closed with falls yesterday, following a rebound in gasoline reserves in the United States that revealed a drop in demand, when crude oil production also resumed in Libya.
A barrel of North Sea Brent for September delivery fell 2.86% to $103.86 in London, following losing as much as 4% during the day. Meanwhile, the barrel of West Texas Intermediate (WTI) for the same month fell 3.53%, to 96.35 dollars, although it lost 5%.
On Wednesday, the US Energy Information Agency (EIA) announced an unexpected rise in commercial gasoline stocks, which 3.5 million barrels were located above the levels of the previous week, three times what was anticipated by the market.
On the other hand, international markets are still hopeful regarding the good weather in the United States, despite historical inflation of 9.1%. (the highest in 40 years) that would not trigger an economic recession, but rather a sharp slowdown in the different sectors of the industry.
Likewise, all the markets are waiting for the actions announced by the Federal Reserve, which must be very intelligent to face this scourge, without affecting industries and continuing to reduce the purchasing power of citizens, who believe that everything is to improve in the medium and long term.
Yesterday’s news was without a doubt the 0.50 point increase in interest rates that was announced in Europe, which is the highest increase in 11 years, which brings interest rates to 0, 75%, something that is not common in countries of the euro zone. This was given as a strategy to try to curb the increase in inflation, which shot up to 8.6% in June.
It should be noted that the increase decided by the European Central Bank was above forecasts. It is the first increase since 2011, and the expectation is that there might be other increases, for which the monetary policy leaders will be watching the indicators.
In the case of Colombia, the key moment will be next week, when the Banco de la República decides whether to increase or maintain interest rates or what measures are announced to curb the escalation of the cost of living in the country, which currently stands at 9.67%; one of the highest figures in the history of the country.