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The dollar traded at an average of 3,710 pesos, which contrasts with the TRM of the day, of 3,665 pesos, a shot that adds up to 113 pesos last week, which means that so far this year the foreign currency has appreciated 7.54% against the Colombian peso.
The currency rally could be due to the possibility of a third wave of COVID-19 and the imminence of a Tax Reform in Colombia, which makes investors nervous, says Valora Analitik.
The high price of the dollar is also justified by the expectation before the effects of the announcement of the economic reactivation plan of the president of the United States, Joe Biden, a bailout for 3 trillion dollars (millions of millions).
Oil also has an impact on the price of the dollar
The crude oil market recovered and Brent, the benchmark for Colombia, increased by 0.60% and reached 64.18 dollars per barrel.
The price of intermediate oil from Texas (WTI) opened this Monday with a decrease of 0.43%, to $ 60.71 a barrel, with the market pending the situation in the Suez Canal, the evolution of the pandemic and the next OPEC meeting.
At 9:05 am local time, WTI futures contracts for May delivery were down $ 0.26 from the close of the previous day.
Benchmark US crude closed last week, despite recent volatility, with a moderate loss of about 1% on doubts about the recovery in demand and fears over supply.
In the Suez Canal, the tug boats were working to completely dislodge the container ship ‘Ever Given’ this Monday, which blocked the seaway from last Tuesday until this Monday, when it was run aground.
“Although today’s development in the Suez Canal is promising for the return of oil shipments to the shipping pipeline, due to the large number of ships that have accumulated, it could take days or weeks for the shipping to return to normal. operations, ”explained Rystad Energy analyst Louise Dickson.
On the other hand, experts emphasize that the pandemic continues to give reasons for pessimism, since this is set to be the fifth consecutive week of cases on the rise and most of the world is still in the initial phases of vaccination.
Meanwhile, heInvestors await the new OPEC + meeting this April 1, in which producers will decide whether to maintain or ease their current production cuts for the coming months, marking the general direction of prices.
