Dollar today in Colombia: this is the price of the currency today, May 23

Dollar today in Colombia: this is the price of the currency today, May 23
Dollar today in Colombia: this is the price of the currency today, May 23

The dollar continues to show a high dependence on the rate decisions made by the Fed.

Photo: EFE – LUONG THAI LINH

The dollar began its price on Thursday lower, registering $3,822. This translates to a slight reduction of $9, as well as a change of 0.23%.

The Representative Market Rate (TRM) remains at $3,829.59.

In recent days, the dollar’s trend has been slightly upward, remaining above the $3,800 threshold.

As explained by analysts, the main variable that pressures its value is the Fed’s decision regarding interest rates. It must be remembered that this body has voted to maintain them in its most recent meetings, thus delaying a possible reduction for the coming months.

Read also: Dollar in Colombia: this is how the currency could behave in the coming days

There are those who believe that the first reduction would occur in August or September, while others suggest that the United States central bank will not make that decision until next year.

Lowering rates would have an impact on the dollar to the extent that it would encourage investment in countries like Colombia. More greenbacks circulating in the national territory translates into a lower value against the Colombian peso.

It is for this reason that the dollar has moved at relatively stable levels in recent months, between $3,800 and $3,900.

Another important aspect is the exports Colombian revenues (as the country’s main source of external income), which continue to fall due to the cooling of external sales of oil and products from the extractive industries.

You may be interested in: Exports had a sharp drop in March: what was the reason?

They also influence the remittances received in Colombia, as well as the evolution that the conflict in the Middle East may have.

If the latter escalates, the appeal of the dollar as a safe haven asset could increase. This would increase its demand and, therefore, make it scarcer (more expensive).

The main forecasts point to the dollar continuing to move on stable ground over the next few days, perhaps touching the threshold of $3,900, or getting closer to the floor of $3,800.

 
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