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April Exports, May Manufacturing PMI Expected Today

COLOMBIA
  • The Colombian peso may come under some pressure today, as the market reopens following the Corpus Christi holiday yesterday, amidst the continued weakness in crude oil. WTI is down a further 1.8% today, following a near 4% drop yesterday, which brought it to its lowest close since Feb 7. Steep losses on the day have followed a bearish assessment of the impact from unwinding voluntary OPEC+ cuts from October, counter to some analyst expectations.
  • Today, the lower house of Congress will discuss the government’s pension reform bill from 1600BST(1100ET). Having been approved by the labour committee of the lower house late last month, the bill now needs a final approval in the lower house, followed by a vote to reconcile any differences between the two chambers of Congress.
  • In terms of the macro data today, April exports are expected to come in at $3.7bn, following $3.83bn the month before (1600BST / 1100ET). May manufacturing PMI data are also due at the same time.
    • May Davivienda PMI Manufacturing, prior 49.2
    • April Exports FOB, est. $3.7bn, prior $3.83bn

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