The price of the US Dollar against the Colombian Peso has fallen from a daily high of 3,889.00 in the first part of Tuesday to a four-week low at 3,851.76 after the bad economic data published in Colombia.
USD/COP is trading at the time of writing above 3,856.45, losing 0.83% on the day.
Colombia's economic data worsens expectations
- The USD/COP has fallen to levels not seen since April 15 following the publications of Colombia's retail sales and industrial production.
- Retail sales have fallen 5.6% year-on-year in March after falling 1.8% in February, worsening market expectations, which forecast a 2.8% drop. This is the thirteenth consecutive month of declines for the indicator.
- The Colombian industrial production has plummeted 11.1% annually in March after falling 2.2% the previous month. The decline disappoints the consensus forecasts, which estimated -7%. This is the largest drop recorded by the indicator in thirteen months.
- The United States Producer Price Index (PPI) rose 0.5% monthly in April after falling 0.1% in March, as published by the Bureau of Labor Statistics. The increase exceeds market expectations, which expected an increase of 0.3%. Core producer prices (excluding food and energy) have risen 0.5% monthly after falling 0.1% the previous month. The increase exceeds forecasts of 0.2%.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
