Colombia: Oil above $100 but dollar stalls below $3,200

Colombia's main export, oil, is trading above $100 per barrel, yet the peso-dollar exchange rate remains below $3,200, creating a paradox. The divergence suggests that oil price gains are not translating into currency strength, possibly due to domestic factors or market expectations. This matters for Colombia's fiscal revenues and external balances, and signals a disconnect between commodity prices and FX markets.