The US dollar has weakened against the Colombian peso following disappointing preliminary US PMI data for April. USD/COP, which reached a high on Tuesday at 3,931.43, has fallen after the release to two-day lows at 3,902.40.
At the time of writing, USD/COP is trading above 3,906.18, losing 0.14% daily.
The Colombian Peso gains ground after disappointing US PMI data.
- The United States manufacturing Purchasing Managers' Index (PMI) has fallen two points in the preliminary reading for April, as published by S&P Global. The indicator has retreated into contraction territory at 49.9 from 51.9 points in March, obtaining its worst result in four months. The data disappoints market expectations, since an advance towards 52 points was expected.
- The services PMI has also lost momentum, falling to 50.9 from 51.7 previously, its lowest level in five months. The data is below the 52 points estimated by experts.
- This week, the main drivers of USD/COP will be the US preliminary GDP data for the first quarter of 2024, which is estimated to slow to 2.5% from 3.4% in the final three months of 2023, and the core inflation measure of the personal consumption spending PCE for March, which is expected to moderate on an annual basis to 2.6% from 2.8% in February.
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.
