PESO at $1776

ColombianoGringo says on Jun 25, 2008, 09:04:

Of course this happens right when I get back from Colombia.

0 funny, 0 helpful.

carolva77 says on Jun 25, 2008, 10:16:

great!!!!!!!!!!!!!!!!!!!!!!! hahahahahhhahahah

0 funny, 0 helpful.

spigrimace says on Jun 25, 2008, 10:24:

if you didnt already know, Banco de la Republica intervened this week and bought dollars

0 funny, 0 helpful.

billyb says on Jun 25, 2008, 10:32:

Oh to be a prepago in medellin this weekend, Laissez Les BON TEMPS Rouler.

0 funny, 0 helpful.

morphus says on Jun 25, 2008, 10:36:

I'm seeing 1.00 USD = 1,787.50 COP

0 funny, 0 helpful.

sloopskipper says on Jun 25, 2008, 11:28:

Man, that dead cat can really bounce!

0 funny, 0 helpful.

nine inch nails says on Jun 25, 2008, 11:37:

wasnt it 1596 las week?

Argentina is buying a lot of dollars too.

"They know nothing, they know nothing." J. Cramer

0 funny, 0 helpful.

bickerss says on Jun 25, 2008, 11:39:

Jim Rogers has predicted a short term rally in the Dollar which he will use to liquidate all his assets out. International living also recently produced a report that stated Brazil is stocking up big time on USD.

0 funny, 0 helpful.

bickerss says on Jun 25, 2008, 11:56:

He stated in his books that he took most of his assets investments etc and converted them. I think he has well and truly left the US. All his investments are now in Asia (ie China). He was going to convert what he had left. His latest book is a ripper.

0 funny, 0 helpful.

bickerss says on Jun 25, 2008, 11:59:

'''What’s the plan now? First, Brazil’s policymakers will use the proceeds from the recent bond sale to pay off more expensive debts. Then they’re planning to build their Sovereign Wealth Fund. They’ve already announced they’re investing at least part of that $20 billion in U.S. dollars.

Brazil’s policymakers are also planning to use part of this money to buy rivals overseas, fixed income assets, and finance companies seeking to invest in their operations.

Brazil is becoming more solid all the time. And as they diversify their income streams, Brazil’s leaders will just create a brighter, more stable future for themselves.

I find it interesting that they feel buying dollars at this point in time is a worthwhile investment. You only buy things because you think they will go up in value...as far as investments are concerned.

Even the epic dollar bear Jim Rogers agrees there could be a short-term dollar rally. He estimates that it may only last about a year. He’s going to use that dollar rally to finally exit his dollar denominated assets.

He also stated another reason why the U.S. dollar may rally for about a year: America is a huge agriculture producer. The world is in dire need of agricultural commodities, so our American farmers are going to pick up the slack where the economy has fallen.

So in the near term you can see that both Brazil and Jim Rogers are betting on the greenback.

Now in the longer run, Rogers believes the commodity dollars (Australian dollar, New Zealand dollar, and the Canadian dollar) will do better than those that aren’t commodity exporters during this commodities boom. In fact, he especially emphasized his Aussie dollar position (and since Brazil is also a “commodity currency,� I believe it will prosper right along with these others that Rogers has listed).

So don’t get me wrong, over the years, the dollar will have problems. But in the next few months, there's money to be made by investing in dollars and Brazil knows it.

''''

0 funny, 0 helpful.

SUERTE GRINGO says on Jun 25, 2008, 12:36:

Where is the peso headed within the next six months?

“If you're gonna eat your crackers in bed, you're gonna have to sleep with crumbs."

0 funny, 0 helpful.

Buongone says on Jun 25, 2008, 14:08:

Go Yankee Green Back. Donde esta Simon?

0 funny, 0 helpful.

MaFe says on Jun 25, 2008, 17:32:

Simon has to be angry...yo no...

"All human actions have one or more of these seven causes: chance, nature, compulsions, habit, reason, passion, desire. "-Aristotle

0 funny, 0 helpful.

morphus says on Jun 26, 2008, 07:43:

1.00 USD = 1,803.00 COP

Praise the lord, hallelujah!

0 funny, 0 helpful.

Tinto (Moderator) says on Jun 26, 2008, 08:44:

I don't know if anything is different this time, but the Col govt has been making noisy pronouncements for two years and engaging in multiple interventions, including option transactions, to keep it from going through the roof.

----------------------

UPDATE

BOGOTA, June 26 (Reuters) - Colombia's central bank said it suspended its program of foreign exchange interventions, designed to control peso volatility, starting on Thursday and continuing through August 8.

The bank issued a statement on Thursday announcing the suspension, which followed its decision on Friday to buy $20 million per day in the foreign exchange market in a bid to control the rise of the peso.

The announcement of the suspension of the anti-volatility intervention program prompted selling of the peso, which sank 3.9 percent to 1,847 to the dollar, extending deep losses for the week. (Reporting by Nelson Bocanegra, writing by Hugh Bronstein; Editing by Jonathan Oatis)

0 funny, 0 helpful.