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EM LATAM CREDIT: COLOMBIA: FX outperforms with Oil Govt Seeks Lower Energy Costs

EM LATAM CREDIT
ColombiaBullet

The Colombian peso has rallied by a further 0.6% on Wednesday, supported by gains in crude oil prices. Crude is over 2% higher on the day amidst a weaker dollar as the market assesses increasing global trade friction and potential for further sanctions on Russia/Iran. The move in the peso has brought USDCOP back down to the 4100 handle, which has marked a strong support level recently.

  • Speaking at his first press conference earlier, new Mines and Energy Minister Edwin Palma said that electricity and natural gas fees need to be reduced, following the recent increase in inflation pressures.
  • Palma said that the government is reviewing formulas that determine household energy fees and is reviewing with the gas and energy commission how to reduce the cost component related to power generation. He added that Colombia’s ambassador in Qatar will speak to government to explore options to import gas from there.
  • His comments come after the recent stronger-than-expected Feb CPI data are likely to reinforce BanRep’s cautious stance and increase the prospects that the central bank extends the pause in its easing cycle on March 31.
  • Before then, Jan retail sales and IP figures are due Friday, followed by latest economic activity stats next week.
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The Colombian peso has rallied by a further 0.6% on Wednesday, supported by gains in crude oil prices. Crude is over 2% higher on the day amidst a weaker dollar as the market assesses increasing global trade friction and potential for further sanctions on Russia/Iran. The move in the peso has brought USDCOP back down to the 4100 handle, which has marked a strong support level recently.

  • Speaking at his first press conference earlier, new Mines and Energy Minister Edwin Palma said that electricity and natural gas fees need to be reduced, following the recent increase in inflation pressures.
  • Palma said that the government is reviewing formulas that determine household energy fees and is reviewing with the gas and energy commission how to reduce the cost component related to power generation. He added that Colombia’s ambassador in Qatar will speak to government to explore options to import gas from there.
  • His comments come after the recent stronger-than-expected Feb CPI data are likely to reinforce BanRep’s cautious stance and increase the prospects that the central bank extends the pause in its easing cycle on March 31.
  • Before then, Jan retail sales and IP figures are due Friday, followed by latest economic activity stats next week.