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BanRep To Present Financial Stability Report

COLOMBIA
  • The Colombian Peso consolidated a surprising 1% surge during Tuesday's trading session, in the face of weaker crude futures and mixed regional performances from LatAm peers. Interestingly, Citi’s trading desk noted that the price action reflected positioning, with COP being generally under-owned and offshore investors re-building longs. USDCOP is slightly higher this morning after closing at fresh year-to-date lows around 4,390/95.
  • The central bank is scheduled to present its financial stability report. Also, statistics agency DANE will present labour market data for April. Analysts surveyed by Bloomberg forecast that urban unemployment remained around 10.5% compared to the previous month.
  • The debate on the labour reform is expected to resume today. BLU radio reported that the debate on the labour reform was to begin this Tuesday, but just a couple of hours after the start of the day, the session was adjourned due to lack of quorum, that is, the minimum number of congressmen needed to vote on a law were not in the room.
  • Separately, finance minister Ricardo Bonilla questioned the need for more crude oil contracts in Colombia saying that 20 million hectares in the country are already being explored or exploited for oil.
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