precio del dólar en Colombia volvió a cerrar con pérdidas

The dollar in Colombia is slowly returning to the levels it had just after the presidential second round, in which Gustavo Petro was the winner, a little over a month ago.

This Monday, July 18, the US currency again registered losses against the peso and maintains the downward trend that it has had since the middle of last week.

According to the Colombian Stock Exchange, the US currency closed with a value of 4,305 pesos with 65 cents17.35 below the Market Representative Rate that had been set for today by the Financial Superintendent at 4,323.

Likewise, this price was almost 60 pesos below the records of last Friday, when the week ended at 4,370 pesos, with 60 cents; quite affected by the fear of a recession in the United States.

In other securities delivered by the BVC at the close of operations, it was found that this currency moved at an average price of 4,314 pesos and 70 cents, very close to the 4,200 barrier, in which it even managed to fall with its minimum price of the day, at 4,293 pesos and 25 cents.

For this day, the maximum value of the dollar was 4,339 pesos and 80 cents, just 16 pesos above the opening record, in a day in which expectations continue to be maintained in the face of the very sure increase in interest rates in the United States. United States, which is analyzed by the Fed, as well as in Europe, where the ECB has already said it will be a fact.

Likewise, it is worth bearing in mind that the price of oil continues to rise in the world, despite the efforts of the Joe Biden government to curb the volatility in this market.. Oil prices climbed almost 5% this Mondayfueled by supply fears after a visit by US President Joe Biden to Saudi Arabia, the world’s top crude exporter, with little progress.

In the middle of the day, the barrel of Brent from the North Sea, for delivery in September, gained 4.71% to 105.92 dollars (104 euros). The barrel of American West Texas Intermediate (WTI), for distribution in August, was up 4.46% to $101.94 (100 euros).

Despite the significant drop in oil prices recorded in recent daysAnalysts believe that inflation fears are overblown and that supply constraints will once again be the main driver of the market.

The dollar, which is moving away from its highs, is also helping to boost crude oil prices, making it more attractive to investors who use other currencies, since its price is expressed in dollars.

Biden made his first official tour of the Middle East last week with a controversial visit to Saudi Arabia, waiting for a push from the world’s largest crude oil exporter to reduce the high price of oil.

US banks show good health

The main US banks, which presented their quarterly results, showed the image of a strong economy and well-equipped clients to face the growing risks of possible financial turmoil.

Bank chiefs have agreed that the dangers to growth are multiple, from runaway inflation and weakened consumer confidence to the war in Ukraine, to uncertainties about Fed policy and persistent supply chain issues.

All of these elements “are very likely to have negative consequences for the global economy at some point,” Jamie Dimon, the CEO of JPMorgan Chase, said Thursday.

Nobody has a “crystal ball” to guess what the Fed will do to try to control inflation, but “there is no question that economic conditions are tightening” and that this “will affect business confidence and consumer activity”Goldman Sachs CEO David Solomon said on his side on Monday.

In this context, JPMorgan Chase, Citigroup, Wells Fargo and Goldman Sachs slightly increased the reserves intended to deal with possible defaults on pending payments by their clients. However, the amounts reserved now are much lower than the billions of dollars held in reserve before when the covid pandemic broke out.

Bank of America even slightly reduced its reserves, saying reduced uncertainty from the pandemic and current low default rates outweigh “the impact of a less robust macroeconomic outlook.” Banks agree on one thing: their customers are generally in good financial health.

With information from AFP.