The US Dollar has managed to recover against the Colombian Peso to a daily high of 3,915.96 from the lows of the day where the day opened on Wednesday, May 1, around 3,883.78.
At the time of writing, during the American session, USD/COP is trading above 3,915.96, gaining 0.08% on the day.
The Colombian Peso waiting for the Fed after the Bank of the Republic of Colombia cut its interest rates to 11.75%
- He Yesterday, the Bank of the Republic of Colombia cut its interest rates by 50 basis points, as expected. The central bank lowered its rates to 11.75% from the previous 12.25%, thus reaching its lowest level since October 2022, when rates were at 11%.
- Colombia also published its unemployment rate for March yesterday, showing a drop to 11.3% from 11.7% in February. This is its lowest unemployment rate in three months.
- The price of the USD/COP will depend today on the US Federal Reserve monetary policy announcement, scheduled for 18.00 GMT. A hawkish statement, or an appearance by Jerome Powell, president of the Fed, in the same sense, could give a greater boost to the Dollar.
Read – US Federal Reserve Decision Preview: Markets Look for Clues on Interest Rate Cut Timetable
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.
