02:06 PM
The dollar closed the day lower for the second consecutive day, following lower-than-expected retail sales data in the US.
The currency opened at $4,101.92, $42.71 below the Representative Market Rate, which for this Tuesday is $4,144.63. The currency hit a high of $4,149.90 and lows of $4,070.12. 2,458 movements were carried out for an amount of US$1,526 million.
Also read: Labor reform approved in first House debate
Corficolombiana indicated that “retail sales for May month over month rose 0.1%, below expectations (0.3%). The segments that reported increases were sporting goods stores, music and books, and online sales, while gas stations, bars, and restaurants reported decreases of 2.0% and 0.4%, respectively. The year-on-year figure was 2.3%.
According to Bloomberg, stocks, bonds and the dollar posted small moves as traders focused on key economic data and a series of Federal Reserve speakers for clues about the outlook for interest rates.
“Investors will be looking for signs of healthy consumer spending, but not a number that is ‘too hot’ (tough policy concerns) or ‘too cold’ (growth concerns),” Tom Essaye told Bloomberg in the Sevens Report.
Oil prices
According to Reuters, Crude oil prices were steady on Tuesday as traders waited for signs of an expected summer demand boost to support prices, even as strong supply threatens to curb gains.
“The oil market has returned to focus on fundamentals, which have been weak for some time,” BoFA’s Francisco Blanch said in a note, adding that global crude inventories and storage of refined products in the United States and Singapore, among other places, it was greater.
Meanwhile, global oil demand growth slowed to 890,000 barrels per day year-on-year in the first quarter, while data suggests consumption growth likely slowed further in the second quarter, it said in the note.
Find out: The economy broke its trend and grew 5.5% in April
