After a week in which the currency rose $200, the dollar opens this new day lower.
The dollar opened at $4,140, $11.55 below the Representative Market Rate, TRM, which today is at $4,151.55. “Dollar in Colombia even with its upward bias intact, there are many key catalysts that drive the dollar upwards, although the projection of the fiscal framework has given some peace of mind last week in Colombia, it is evident that uncertainty weighs much more,” he assured. Juan Pablo Vieira, CEO at JP Tactical Trading.
According to Bloomberga group of Federal Reserve officials are scheduled to speak, including the president of the Dallas FedLorie Logan, Chicago Federal Reserve President Austan Goolsbee, and Federal Reserve Governor Adriana Kugler.
Oil prices
According to Reuters, Oil was steady on Monday after Chinese economic datawhich underline an uneven recovery for the world’s largest crude importer, countered hopes of a demand boost from the northern hemisphere’s summer driving season.
The Brent reference barrel rose 0.29% and stood at US$82.86, while the WTI reference rose 0.33% and reached US$78.71.
Aside from retail sales, which beat forecasts due to a holiday boost, Monday’s flurry of Chinese data was largely bearish. This data followed a survey on Friday showing that US consumer confidence had fallen in June to its lowest level in seven months.
Last week, both benchmarks recorded their first weekly rise in four weeks, due to confidence that oil inventories will reduce as the summer season begins in the northern hemisphere.
“Last week’s rise had not been totally convincing,” said Tamas Varga, of the oil broker PVM. “Further weakness is seen this morning due to sluggish activity in Chinese factories.”
