On the first day of August, the dollar recorded declines against the other currencies and in Colombia it fell $54.31, since the Representative Market Rate for this Tuesday is $4,245.99.
In the banking market, the currency opened at $4,280 and closed at $4,277.50, in a market in which the minimum price reached $4,220, while the maximum reached $4,290.
The average price of the day was $4,246.03 and transactions were made for US$1,164 million.
(Gold has not been a refuge due to the volatility of the markets).
According to an analysis by Bancolombia, this behavior was catalyzed by a feeling of risk-off (high risk) in the markets, where the deterioration of various indicators such as the PMI and GDP would point to a possible technical recession in the US, limiting the rise in Fed interest rates. In addition to this, the market is attentive to the implications that the visit to Taiwan of US Congresswoman Nancy Pelosi, Speaker of the House of Representatives, could bring, which could trigger adverse effects on the global economy.
Major global stock indices traded lower, the fixed income market appreciated in 10-year Treasury yields to hit the lowest level since early April, and market volatility, as measured by the VIX index, increased 8.30%, Bancolombia said.
Brent oil fell below US$100, with a depreciation of 9.25%, and WTI fell 4.8%propitiated by the weakening of the manufacturing PMI of China that would be added to that of other countries, which would anticipate a drop in the demand for oil.
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