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Although the dollar started falling sharply, it closed the first day of the year with a rise of more than $ 20 to $ 3,449.
During its first day of the year the dollar in Colombia had a volatile behavior. It started dropping more than $ 20 to $ 3,404 due to optimism around COVID-19 vaccination campaigns. But eventually the currency closed with a rise of $ 20, standing at $ 3,449, due to the uncertainty surrounding the OPEC + agreement and the elections in Georgia United States.
Since Dec. 28, the exchange rate has lost $ 80 due to a combination of oil price hikes and optimism over VOCID-19 vaccines.
In fact, this Monday European stock markets reacted positively to advances in vaccination in the UK: the British nation became the first country to use the AstraZeneca / Oxford vaccine.
Markets are also looking forward to Monday’s meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies. The blog will decide whether to go ahead with its plan to moderately open the taps in February, at about 500,000 barrels a day.
However, restrictions on the expansion of VOCID-19 in many countries and the foreseeable fall in consumption are an obstacle to increasing crude oil production.
The dollar in Colombia has remained weak for two months: since the results of the COVID-19 vaccines became known, large investment flows have returned to emerging markets. In November alone, fund managers invested about $ 76.5 billion in securities of developing countries, according to the Institute of International Finance (IIF).
The phenomenon led the exchange rate to lose nearly $ 400 in a few weeks, going from $ 3,800 to about $ 3,400. That is, the dollar in Colombia has returned to pre-pandemic levels, and according to the latest Fedesarrollo Financial Opinion Survey, analysts expect the currency to average $ 3,450 in the first quarter of 2021.