The dollar once again gained ground compared to yesterday’s figure and completes almost two weeks on the rise. According to Set-Icap (subsidiary of the Stock Exchange), the US currency opened today at 4,160 pesos, and, at the time of publication of this article, it is trading at an average price of 4,168.73 pesos. This represents a gain of 61.21 pesos compared to the Representative Market Rate (TRM), which stands at 4,107.52 pesos.
This value corresponds to a growing trend that has been occurring since the month of June began. According to data from the Bank of the Republic, the first day of said month began with a TRM of 3,860.92 pesos. That same week, The TRM continued its increase until reaching 3,938.53 pesos last Friday, June 7.
This week, not counting the holiday Monday, was characterized by continuing the rise: on Tuesday the TRM rose to 3,944.14 pesos, and continued its increase until reaching today’s official rate.
Currency exchange house in Bogotá. After several days on the rise, the price of the dollar. Photo: Sergio Acevedo. Time
Photo:Sergio Acevedo
Employment and interest rates:
These results follow the decision of the United States Federal Reserve (Fed) to maintain interest rates in a range between 5.25 percent and 5.5 percent, their highest level since 2001.
According to information from EFE, inflation and GDP growth are two key factors in the Fed’s steps. This same Wednesday it was reported that the Consumer Price Index (CPI) fell one tenth in May to 3.3 percent compared to April, so the data has been stuck above the Fed’s 2 percent objective all year.
The other point is the issuer’s unemployment projection of 4 percent, while in 2025 and 2026 it rises one tenth compared to March, to a median of 4.2 and 4.1 percent, respectively.
“There are ambiguous results and we have to deal with that uncertainty around the data. However, the general outlook is that of a strong and gradual cooling, which gradually rebalances the labor market,” said the president of the Issuer, Jerome Powell, at a press conference.
JUAN ANDRÉS BELTRAN TÉLLEZ – ECONOMY AND BUSINESS EDITORIAL
