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Colombia's peso fell to a record low against the dollar on March 9, moving from COP 3,589 to COP 3,805 in early trading. The drop followed a sharp fall in oil prices and a global stock sell-off.
The central bank held an emergency meeting and said the economy could absorb the shock.
Oil price weakness hits Colombia's export revenue and currency, which raises the local cost of imported feed. Continued crude weakness would keep pressure on the peso and on import-dependent feed costs.
colombiareports.comAdriaan AlsemaMar 9, 2020Not enough comparable past events yet for a historical read.
After 565 past bearish macro events, Crude Oil (WTI) moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% 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.
