# EMERGING MARKETS-Colombian peso leads Latam FX gains on oil strength | CNBC Africa

> 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.

- Date: 2021-02-24 · published 2021-02-24T12:00:00.000Z
- Category: market · region Latin America · magnitude low
- Page: https://feedsoft.ai/events/48917-emerging-markets-colombian-peso-leads-latam-fx-gains-on-oil-strength-cnbc-africa
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Colombian Peso (COP per USD)](https://feedsoft.ai/c/USDCOP.md)

## Why it matters

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.

## Read by commodity

- WTI: bullish ▲
- USDCOP: bearish ▼

## Sources

- cnbcafrica.com: https://www.cnbcafrica.com/2021/emerging-markets-colombian-peso-leads-latam-fx-gains-on-oil-strength

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