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The Colombian peso has appreciated by nearly 20% since its November 2022 low of about 5,107 per US dollar, making it the strongest-performing currency in the world this year. The article credits the recovery partly to higher oil prices, which support Colombia's export revenues.
A firmer peso reduces the cost of imported feed and feed ingredients for Colombian producers. Its strength also depends on oil prices, so a fall in crude would weaken that support for the currency.
colombiaone.comJosep FreixesAug 20, 2023Not enough comparable past events yet for a historical read.
After 487 past bullish macro events, Crude Oil (WTI) moved a median +1.0% over 5 sessions (60% higher; middle half -2.0% to +4.0%), and +1.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
