Dollar reaches highest closing level since February 2016 the first day of the week

At the end of its first day of the week, it reached an average price of $ 3,240.63 and an increase of $ 16.68 over the MRT which amounted to $ 3,223.95.

The currency's opening amounted to $ 3,228.9, while its closing reached $ 3,244.75, its highest completion since February 29, 2016, when it reached 3,291. $ 30.

Although the currency reached its highest level in almost two years, it was not the peak it had reached during the day, as it had peaked at $ 3,248.73, while its lowest point was $ 3,221.60.

The region's currency markets are focusing on the planned meeting between US Presidents Donald Trump and China's Xi Jinping to determine whether the trade war between the world's two largest economies is easing. or if not, the tensions soar, which has consequences for foreign investment in the countries most at risk.

In this regard, Jose Luis Hernandez Forero, Corficolombiana's foreign currency operator, commented that "although we started the week with a correction in the global stock markets as investors have been more optimistically observing the commercial prospects of the meeting that took place Friday between US presidents and as China and as Italian government bonds recover after the announcement by the Italian government of a possible reduction of its deficit for the year Next, we pay our attention Wednesday to the Federal Reserve Chairman's speech and the minutes of the meetings give clues to the 2019 rate outlook. "

Gregorio Gandini, economic badyst at Rogue Economist, points out that the increase is due, among other things, to "an increase in oil production in Arabia, which is reaching peak levels, which could affect." In spite of the current rise, reversal of oil prices on Friday ".

For its part, oil prices started the week up, although global economic growth remains uncertain.

Thus, the Brent benchmark rose to 60.68 USD and the WTI to 51.83 USD. As it became known in Reuters "according to Fitch Solutions badysts, even the expected reduction in the supply that OPEC would apply after its December 6 meeting might not be enough to counterbalance the downside."

A stronger dollar ", higher credit costs and the threat to global growth posed by the US-China trade dispute have displaced badet investors more in step with the global economy, such as shares or oil, "Reuters said.

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