The USD/COP opened the day testing a daily low of 3,886.31, but the US Dollar subsequently gained ground against the Colombian Peso, reaching two-day highs of 3,905.76.
USD/COP is currently trading above 3,895.21, gaining 0.18% on the day.
Focus on Colombia's inflation data
- Colombia will publish its Consumer Price Index (CPI) data at 23:00 GMT this Wednesday. Annual inflation is expected to be 7.15% year-on-year in April compared to 7.36% in March. On a monthly basis, an increase of 0.59% is expected compared to the previous 0.7%. Higher inflation data than estimated could favor the Colombian peso, since the Bank of the Republic of Colombia would have to value them for its next decision on interest rates.
- In the United States, attention today will focus on speeches by three members of the Federal Reserve: Philip N. Jefferson, Susan M. Collins and Lisa D. Cook. If the tone of the comments is hawkish, the dollar could continue to appreciate.
economic indicator
Consumer Price Index (YoY)
The Consumer Price Index (CPI) is published by the National Administrative Department of Statistics (DANE) of Colombia, measures the variation in the price of goods and services representative of family consumption. It is a way to measure changes in consumption and inflation trends. Readings above expectations could be interpreted (taking into account the potential impact on monetary policy) as positive for the Colombian peso (COP), while readings lower than expected as negative for the Colombian currency.
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.
