# Latam FX struggle against buoyant dollar; Surging oil lifts Colombian peso | Financial Post

> Latin American currencies pared early losses on Friday as the dollar held multi-month highs after upbeat US jobs data. The Colombian peso slid as much as 0.7% before recovering 0.5%, supported by crude prices hitting 14-month highs after OPEC+ extended output cuts. Colombia's finance ministry raised its 2021 fiscal deficit forecast to 8.6% from 7.6%, well above market expectations.

- Date: 2021-03-05 · published 2021-03-05T12:00:00.000Z
- Category: macro · region Latin America · magnitude low
- Page: https://feedsoft.ai/events/48397-latam-fx-struggle-against-buoyant-dollar-surging-oil-lifts-colombian-peso
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Colombian Peso (COP per USD)](https://feedsoft.ai/c/USDCOP.md)

## Why it matters

Higher crude prices support oil-exporting currencies like the Colombian peso, while a stronger dollar and rising US yields pressure Latam currencies and EM debt, which can weigh on Latin American demand for imported feed and raise import costs.

## Read by commodity

- DXY: bullish ▲
- WTI: bullish ▲
- BRENT: bullish ▲
- USDCOP: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-08-23 | [Canadian dollar snaps losing streak as oil prices jump \| Financial Post](https://feedsoft.ai/events/40272-canadian-dollar-snaps-losing-streak-as-oil-prices-jump-financial-post.md) | +5.3% | -8.4% |
| WTI | 2021-12-10 | [Canadian dollar set to end weekly losing streak as oil rallies \| Financial Post](https://feedsoft.ai/events/43855-canadian-dollar-set-to-end-weekly-losing-streak-as-oil-rallies-financial-post.md) | +2.1% | +11.4% |
| WTI | 2021-01-19 | [Canadian dollar gains as stimulus hopes boost Wall Street \| Financial Post](https://feedsoft.ai/events/49373-canadian-dollar-gains-as-stimulus-hopes-boost-wall-street-financial-post.md) | +0.9% | +14.9% |
| WTI | 2021-11-10 | [Canadian dollar outperforms G10 peers as oil clings to recent gains \| Financial Post](https://feedsoft.ai/events/44267-canadian-dollar-outperforms-g10-peers-as-oil-clings-to-recent-gains-financial.md) | -4.0% | -13.9% |
| WTI | 2017-11-09 | [Will the Canadian dollar become a petrocurrency again? \| Financial Post](https://feedsoft.ai/events/68199-will-the-canadian-dollar-become-a-petrocurrency-again-financial-post.md) | -2.7% | -0.4% |
| BRENT | 2021-11-10 | [Canadian dollar outperforms G10 peers as oil clings to recent gains \| Financial Post](https://feedsoft.ai/events/44267-canadian-dollar-outperforms-g10-peers-as-oil-clings-to-recent-gains-financial.md) | -2.4% | -10.8% |
| BRENT | 2026-09-28 | [Sterling rebounds against dollar, euro on bets for tighter BoE policy \| Financial News](https://feedsoft.ai/events/17737-sterling-rebounds-against-dollar-euro-on-bets-for-tighter-boe-policy-financial.md) | +6.5% | +1.3% |
| BRENT | 2021-10-14 | [FX Dashboard: Russian Ruble and Colombian Peso Finally Benefiting from the Oil Rally - Gautam Jain, PhD, CFA](https://feedsoft.ai/events/44839-fx-dashboard-russian-ruble-and-colombian-peso-finally-benefiting-from-the-oil.md) | +2.9% | -0.7% |

## Sources

- financialpost.com: https://financialpost.com/pmn/business-pmn/latam-fx-struggle-against-buoyant-dollar-surging-oil-lifts-colombian-peso

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