The Colombian dollar, on the increase waiting for the rates in the US and Europe

10 year bonds

The dollar started in Colombia with an increase of $11 this Monday, December 11, waiting for the decisions made by the Federal Reserve (FED) in the US and the European Central Bank (ECB) in Europe.

The entities will meet this week and make new decisions about interest rates in the United States and in the old continent, which will be the final steps in 2023.

The market is waiting for the FED and the ECB, since both can continue the paymentssending a new important message to their economies and to the entire world.

Federal Reserve And Ecb
The US and European central banks will decide this week on interest rates in both markets. Photo: Federal Reserve and ECB in meetings/FXMAG

The market sees it as possible that US and European rates will not rise further, which is expected to be announced by Jerome Powell and Christine Lagarde, respectively.

Dollar in Colombia, according to US and European rates

With this in mind, The Colombian dollar starts at $4,001which means an increase of $11 compared to last week’s close, which was $3,990.

During these first minutes of trading, the currency hit a low of $3,995 and a high of $4,001, and averaged $3,998.

This is how the Colombian dollar moved last week:

Colombian Dollar December 11, 2023

This Monday, December 11, The market will also wait for productivity data which will be chosen to explain the minimum wage increase in 2024.

In addition, during the week, will be known the first formal proposals from businessmen and trade unions, with the first deadline of December 15 to reach an agreement.

If this is not achieved, there will be a second attempt in the rest of December, so that there will be white smoke in setting the 2024 minimum wage.

According to the expectations of the parties, the increase may be close to 12%, considering that inflation may close the year in single digits. Thus, the salary comes to approximately $1.3 million per month.

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