Despite the dollar’s downward behavior yesterday, the Colombian peso failed to maintain the reboundbecause although it started Tuesday as one of the most revalued currencies, it closed the day, once again, among the most devalued of the emerging currencies.
The local currency was the fourth most devalued with a drop of 0.16%, with the last record at 2:00 p.m. from yesterday. It was preceded by the Czech crown (-0.47%), the Peruvian sol (-0.41%), and the Argentine peso (-0.27%).
“The volatility of our currency is not uniform and tends to react more intensely since the election of the current government,” explained Yovanny Conde, co-founder of Finxard.
This is a behavior that continues after a week in which the local currency was the most devalued. In fact, if the behavior of the currency so far in June is analyzed, the local peso continues to be the most devalued, with a fall of 6.53%.
Dollar behavior
Regarding the dollar, an average closing price of $4,101.92 was evident, placing $42.71 above that of the Representative Market Rate which yesterday was at $4,144.63. The North American currency also reached a maximum of $4,149.90 and a minimum of $4,070.12. 2,458 movements were carried out for an amount of US$1,526 million.
This behavior, according to analysts, was driven by lower-than-expected retail sales data in the United States, which weakens the dollar globally.. According to Corficolombiana, May month-over-month retail sales rose 0.1%, below expectations (0.3%).
Despite this behavior, analysts assure that the upward trend continues. “The international trend remains bullish in the dollar and with local catalysts for economic cooling, explained Juan Pablo Vieira, founder and CEO of JP Tactical Trading.
