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The Colombian peso fell about 2.2% against the US dollar, trading above 3,000 per dollar and reaching its weakest level of 2017. The move followed a fall in crude futures after several oil producers increased supply, and Colombian Ecopetrol shares dropped nearly 3%.
Colombia is a major oil exporter, so lower crude prices weaken the peso and raise the cost of imported inputs for feed buyers. A weaker peso also raises importers' costs for grains and meal priced in dollars.
thecitypaperbogota.comThe City Paper StaffJun 21, 2017Not 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.
