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Although the dollar started to decline sharply, it closed the first day of the year up more than $ 20 to $ 3,449.
During the first day of the year, the dollar in Colombia showed volatile behavior. It started at over $ 20 to $ 3,404 due to optimism about the COVID-19 vaccination campaigns. But in the end, the coin closed at $ 20 to $ 3,449 amid uncertainty surrounding the OPEC + deal and the Georgia elections in the United States.
Since Dec. 28, the exchange rate has fallen $ 80 due to a combination of oil price hikes and optimism about COVID-19 vaccines.
European stock markets even responded positively to vaccination claims in the UK on Monday: the British nation became the first country to use the AstraZeneca / Oxford vaccine.
Likewise, markets await next Monday’s meeting of the Organization of Petroleum Exporting Countries (OPEC) and its allies. The block will decide whether to proceed with its plan to open taps moderately in February, at around 500,000 barrels per day.
However, limitations due to the expansion of COVID-19 in many countries and the foreseeable decline in consumption are a barrier to increasing oil production.
The dollar in Colombia has been weak for two months: since the results of the COVID-19 vaccines were released, large investment flows have returned to emerging markets. Fund managers invested about $ 76.5 billion in securities from developing countries in November alone, according to the Institute of International Finance (IIF).
The phenomenon caused the exchange rate to lose nearly $ 400 in a matter of weeks, from $ 3,800 to about $ 3,400. That is, the dollar in Colombia has returned to pre-pandemic levels, and according to the most recent Fedesarrollo Financial Opinion Survey, analysts expect the currency to average $ 3,450 in the first quarter of 2021.