Agreement: What Both Sides Highlight

Opposition and government-aligned outlets broadly agree on the core facts of the peso’s appreciation and the dollar’s fall below $3,700 COP. Both describe a sharp movement in the second week of January 2026, noting that the dollar closed around $3,663 and reached levels not seen in many months (or years). They similarly frame the episode as part of a broader trend of peso strength and link it to external drivers in the United States and global risk appetite.

• Shared data points:
  • Dollar closing near $3,663–$3,663.28.
  • The break of the $3,700 COP barrier as a symbolic milestone.
  • Comparison with prior periods (e.g., lows not seen since November 2025 or over four and a half years).
• Shared external explanations:
  • Attention to U.S. inflation data and its impact on Federal Reserve interest-rate expectations.
  • Recognition of broader global market conditions and risk appetite toward emerging markets.

Divergence: What Each Side Emphasizes

Where they diverge is in attributing causes and credit. Opposition coverage frames the move mainly as a reaction to U.S. macroeconomic data and Fed expectations, presenting the peso’s rise as a function of external conditions and leaving domestic policy in the background. Government-aligned outlets, in contrast, stress the role of the administration’s record US$4.95 billion bond issuance, framing the dollar’s fall and peso strength as evidence of successful government financial management and improved investor confidence ahead of elections.

• Opposition narrative:
  • Focus on upcoming U.S. inflation figures and Fed policy as key drivers.
  • Describes room for either continued depreciation of the dollar or a short-term rebound, stressing market uncertainty rather than policy triumph.
• Government-aligned narrative:
  • Highlights the largest bond issuance in Colombia’s history as a central trigger of peso appreciation.
  • Connects the stronger peso to government financing strategy, Colombia’s status as the best-performing currency in Latin America in 2026, and a broader narrative of macroeconomic success under current authorities.

In sum, both sides see the same sharp fall of the dollar below $3,700 COP and acknowledge global drivers, but opposition media present it as mainly an external, data-driven market move, while government-aligned outlets turn it into a story of domestic policy success and strategic debt management.