Dollar price in Colombia today, January 29

Bank of the Republic analysts predict that the dollar will not rise above $4,003 in January 2024. Similarly, BanRep projections indicated a higher trend towards TRM between $3,839 and $3,939 during 2024. Reference image.

Photo: Bloomberg Agency

An important week has begun for the direction of the dollar in Colombia. First, on Tuesday the 30th and Wednesday the 31st, the United States Federal Reserve (Fed) will meet to make its next interest rate decision. The Bank of the Republic will do the same this Wednesday and unemployment data will be known by DANE a few days later. These data, both local and United States, will cause exchange rate fluctuations

This Monday, January 29, the dollar closed at its value $3,931, This represents an increase of $27 compared to last Friday’s close ($3,905). After the first market operations, the currency was trading at an average of $3,904.

For its part, the Representative Market Rate (TRM), set by the Financial Superintendent, remains unchanged. $3,925, The current TRM is $623.24 lower than a year ago (Jan 29, 2023), but up $103.21 from a month ago.

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dollar forecast

According to the latest financial opinion survey, expectations for the dollar exchange rate (Representative Market Rate -TRM-) indicate that the currency will end the month between $3,919 and $3,980. fedeserolo, Similarly, analysts estimate the TRM for December 2024 at $4,025.

For their part, analysts of Bank of the Republic He estimates that the dollar will not rise above $4,003 in January 2024. Similarly, BanRep projections indicated a higher trend towards TRM between $3,839 and $3,939 during 2024.

“What could mainly impact the dollar is the adjustment in bonds (investment instruments in public debt). They have lost ground in the United States, as the market is no longer very optimistic about the Federal Reserve (Fed) cutting interest rates in the short term. It’s created a realignment of portfolios and that’s a change that, to me, impacts the market and the dollar,” he explains. diego francoHead of Investments at Franco Capital Asset Management.

“A move beyond $4,000 (by the end of January 2024) is quite possible for the dollar local currency. We even believe that emerging currencies may lose value in February,” Franco said.

You may be interested in: The path of the dollar in Colombia: what awaits you at the end of January?

for its part, Adrian GarlattiDirector of the Economics Program at Javeriana University, explains that “in the Colombian case the factors influencing the dollar have a lot to do with the international price of oil. There is a lot of uncertainty in the Middle East (Israel in Gaza) due to this entire conflict. If this is maintained, it is a controlled risk. But the point is that, obviously, the conflict is escalating (…) and there are concerns about the supply network of oil and other goods in the Red Sea. “This could affect the price of oil and, logically, the price of the dollar in Colombia.”

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