Reference photo. / EFE/ Luong Thai Linh
Photo: EFE – LUONG THAI LINH
The dollar opened its trading this Wednesday higher at an average price of $3,918.60, which represented an increase of $9 compared to the Representative Market Rate (TRM), which for the day is $3,909.65.
Analysts consider that this week there could be variations due to two international news items.
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First, the expectation for the direction of interest rates in the United States. On June 11 and 12, members of the Federal Open Market Committee (FOMC) will decide whether it is time to tighten or relax the cost of credit.
Second, the member countries of OPEC+ (an organization that brings together the main oil producers and exporters) met this Sunday and agreed to reduce their production until 2025, which could result in fluctuations in the price of crude oil and, therefore, in the global flow of currencies.
It is worth mentioning that since the last quarter of 2023, the exchange rate between the US dollar and the Colombian peso has registered a downward trend. The currency reaches the middle of 2024 with relative stability.
Read: Dollar in Colombia: where could the exchange rate move this week?
Exchange rates are sensitive to international news: changes in government, monetary policy decisions, reform announcements, international conflicts, the price of oil, large stock movements, among others, are usually some of the news that moves upwards or downwards. down the price of a currency like the US dollar.
In the week of May 27 to 31, the dollar registered a slight drop of $9. Once the holiday weekend ends, the market will begin a short week in which there could be fluctuations due to the aforementioned international events.
As explained by Carlos Güisa, manager of economic analysis and projects at the Colombian Chamber of Electronic Commerce, “international events can alter risk perceptions and affect capital flows to or from emerging markets such as Colombia. “Any escalation in conflict or instability in key regions can strengthen the dollar as a safe haven asset.”
