# USD/COP: Peso returns to 2019 levels, time to rethink Colombia's inflation

> USD/COP traded near 3,205 on July 28, a level last seen in July 2019, after a roughly 16% decline in about ten weeks from its May high. The Banco de la República had raised its policy rate to 12.00% on July 1, its third hike of the cycle, and the pair's descent has been orderly. The article argues that Colombian inflation is driven more by energy prices than the market assumes.

- Date: 2026-07-28 · published 2026-07-28T12:00:00.000Z
- Category: macro · region Colombia · magnitude low
- Page: https://feedsoft.ai/events/18632-usd-cop-peso-returns-to-2019-levels-time-to-rethink-colombia-s-inflation
- Commodities: [Colombian Peso (COP per USD)](https://feedsoft.ai/c/USDCOP.md)

## Why it matters

Carry-driven peso strength tied to high Colombian rates reflects capital flows rather than feed supply or demand. Price impact on feed commodities is minimal, though a firmer peso can reduce local import costs for Colombian feed buyers.

## Read by commodity

- USDCOP: bearish ▼

## Sources

- fxstreet.com: https://www.fxstreet.com/analysis/usd-cop-peso-returns-to-2019-levels-time-to-rethink-colombias-inflation-202607281415

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.