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Colombia's peso led gains across Latin American currencies on Wednesday as oil prices climbed to 13-month highs. U.S. data showed a drop in crude output after a deep freeze disrupted production.
Ratings agency Fitch kept Colombia's outlook negative due to COVID-19 growth risks, and Fed Chair Powell's dovish signals weighed on the dollar.
Higher crude prices support the currencies of oil exporters like Colombia, while a weaker dollar eases pressure on emerging-market currencies. For feed buyers, the link to grain and oilseed prices is indirect, mainly through energy costs and biofuel economics.
cnbcafrica.comReutersFeb 24, 2021Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
