01:54 PM
The dollar closed higher this Wednesday, hitting a new high so far this yearafter knowing the inflation figures for the United States and Colombia.
The average price of the US currency was $4,023.22, $62.39 above today’s Representative Market Rate (TRM), which stood at $3,960.83.
During the trading day, The currency reached a high of $4,051.50 and a low of $3,970. 2,061 transactions were recorded for a total value of US$1,441 million.
Read also: Strong rise in the dollar in Colombia and breaks the $4,000 barrier, what happened?
The rise of the dollar is attributed to several factors. The first of them, according to analysts, is inflation in the United States, which fell more than expected in May, which raised expectations that the Federal Reserve (Fed) will cut interest rates before the end of the year. This favors dollar-denominated investments.
In second place, There is a regional bullish movement, that is, the dollar is strengthening throughout Latin America due to the weakness of the Mexican peso, which has lost value in recent weeks. And a third reason is inflation in Colombia, which stood at 7.16% in May, which, although it showed a slowdown compared to the same month last year, had the same variation as April.
According to Bloomberg, The Federal Open Market Committee of the Fed is expected to keep its reference rate stable for the seventh consecutive meeting. “Analysts expect the Fed to keep its reference rate stable at its next meeting, but the inflation data will be an important factor to consider.”
As for the price of oil, it began the day on the rise after industry data pointed to a reduction in United States crude oil reserves. The Brent reference barrel rose 1.25% and stood at US$82.93, while the WTI reference rose 1.37% and reached US$78.97.
Also read: Petro’s controversial responses to mining unions for suspension of coal exports to Israel
