Dollar in Colombia takes a breather: it rises this Wednesday waiting for signals from the FED

The dollar in Colombia cuts its losing streak this Wednesday and rises in the local market in anticipation of new signals from the Federal Reserve, which will present the minutes of its most recent meeting later in the day.

(Read: Bank of America lowers its recommendation to invest in Colombia due to fiscal risks).

According to the Stock Exchange, The US currency rises 15 pesos and is trading at an average price of $3,829. The TRM of the day is $3,814.

According to the daily report of Corficolombiana, in foreign currencies, the market opened with an exchange rate of $3,835, while the euro depreciated 0.17% with respect to the dollar, trading at 1.08 dollars per euro, and the pound sterling gained 0.24% against the dollar and is trading at $1.27 per pound.

(Also: Cash problems have the Petro government at risk of falling into a default scenario).

At the local level, Investors analyze the most recent report from Bank of America, which lowered its recommendation to invest in Colombia due to concerns about a possible relaxation in the goals of the Fiscal Rule.

The bank believes that Congress could support this deterioration, which would increase the country’s financial risk. Therefore, recommends selling Colombian bonds and buying those from Brazil, which they perceive as a safer option.

(See: Stock market rises after two years of depression, but remains cheap).

In addition, they point out that Colombia’s income has been below expectations, which could increase pressure to cut public spending.

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