While geopolitical turmoil typically strengthens the U.S. dollar, an interesting counter-trend is playing out across Latin America. Costa Rica’s colón hit historic lows against the dollar on the Monex exchange, part of a broader pattern of Latin American currency appreciation. Of 14 regional currencies tracked, only three — the Argentine peso, the Dominican peso, and the Honduran lempira — lost value against the dollar over the past year. The Nicaraguan córdoba and Bolivian peso remained essentially fixed. The trend reflects both shifting trade dynamics and the dollar’s own vulnerabilities amid domestic economic uncertainty.
Walter Murrow
May 15, 2026
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