The US dollar registers gains for the fourth consecutive day, soaring to new seventeen-and-a-half-month highs at 4,487.8 on Wednesday.
USD/COP is currently trading above 4,487.0, gaining 0.97% daily.
The Colombian peso plummets after US inflation
- The US Bureau of Labor Statistics reported that the General Consumer Price Index (CPI) rose 2.6% year-on-year in October compared to 2.4% in September, as expected. Monthly inflation also met expectations and grew 0.2% in October. For its part, the core CPI—which excludes the most volatile categories of food and energy—registered an annual increase of 3.3% in the last twelve months, unchanged from the previous month and meeting forecasts.
- USD/COP has risen after the release of the US CPI at its highest level since May 26, 2023.
- On Thursday, Colombia will publish its industrial production and retail sales data for September. On Friday it will be the turn of the GDP for the third quarter.
Economic indicator
Industrial Production (YoY)
Industrial Production, published by the Bank of the Republic of Colombiameasures changes in everything produced by factories, mines and companies in Colombia. It gives us a good indicator of the strength of the industrial sector. It can be a leading indicator of industry employment, average earnings, and personal income. Readings above what is expected should be interpreted as positive/bullish for the COP, while readings below what is expected should be taken as negative/bearish for the COP.
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.
