Dollar closes the week above $4,600

Dollar closes the week above $4,600

The euphoria that led to a sharp rise in the price of the dollar in Colombia fell this Friday, and the US currency cut its gains on the last day of the week.

(Proposal for a tax on swallowed capital shot up the price of the dollar).

However, the Foreign currency remains above $4,600 and upward pressures continue.

According to the Colombian Stock Exchange, the dollar closed this Friday at an average price of $4,606, that is, it fell 21 pesos compared to the TRM of the day, which was $4,627.

During the past day, the US currency had additional upward pressures after comments by President Petro about imposing taxes on swallow capital, which generated concerns among investors.

(What is the swallow capital control proposed by Petro).

“The market felt a strong overreaction to President Petro’s comments regarding the possibility of imposing a tax on swallow capital that added to external factors that has led to large capital outflows in emerging economies”explained Diego Franco, President Franco Group SA, Head of Investments Franco Capital Management.

However, according to the expert, this “noise” It will be transitory and he estimates that in the next few days the dollar will fall, as it happened on Friday.

(Dollar continues to rise and broke the $4,600 barrier).

The market returns to calm after the Minister of Finance, José Antonio Ocampo, stated that “The government is not thinking of imposing exchange controls or taxes on foreign capital income from the country.”

In addition, according to Acciones y Valores Divisas, a correction of the dollar is observed to the levels referred to by external factors such as the Non-Farm Payrolls data in the US, which were above those expected by analysts.

The rise of the dollar has been going on for several weeks in the markets of emerging economies and It is also due to the uncertainty due to the possibility of a global recession and the outflow of capital to the US.

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