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BanRep Decision, Oil, Greenback All Weigh On Colombian Peso

COLOMBIA
  • Presidents Gustavo Petro and Guillermo Lasso lead the Ecuador-Colombia bilateral cabinet meeting in the Ecuadorian border city of Tulcan.
  • The Colombian peso traded poorly on Monday, declining roughly 1.5% following Friday’s BanRep decision. The slightly below expectation rate hike of 75bps plus new guidance signalling that monetary tightening is close to the position required to induce inflation convergence to target worked against the COP. Additionally, weaker oil prices and a firmer dollar were additional headwinds for the Peso.
  • Today, labor market and export data for December is expected, as well as BanRep minutes after the close.

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