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COLOMBIA: USDCOP Falls 0.6% Amid WTI Crude Gains

COLOMBIA
BulletEM BulletEmerging Market News
  • The Colombian peso rallied further today, with USDCOP closing 0.61% lower at 4403, having dipped to a low of 4386 earlier in the session. The move came on the back of a 2.9% bounce in crude prices today, amid a pull back in the US dollar, which more than offset the impact of weaker-than-expected Colombia Q3 GDP and monthly economic activity data.
  • The data follow mixed activity figures last week, which showed weak manufacturing production at the end of the quarter, partly due to the transporter workers’ strike in September. Today’s 2.0% y/y increase in Q3 GDP was below the central bank’s 2.4% forecast as household consumption slowed and government spending contracted due to ongoing budget constraints.
  • In other news, Bloomberg reports that Colombia’s regulator has stepped in to prevent the sale of Venezuela fertiliser plant Monomeros Colombo Venezolanos, which according to a statement from the regulator could lead to the plant’s bankruptcy. Monomeros is said to be relevant to Colombia’s agriculture, food sovereignty and farmers.
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  • The Colombian peso rallied further today, with USDCOP closing 0.61% lower at 4403, having dipped to a low of 4386 earlier in the session. The move came on the back of a 2.9% bounce in crude prices today, amid a pull back in the US dollar, which more than offset the impact of weaker-than-expected Colombia Q3 GDP and monthly economic activity data.
  • The data follow mixed activity figures last week, which showed weak manufacturing production at the end of the quarter, partly due to the transporter workers’ strike in September. Today’s 2.0% y/y increase in Q3 GDP was below the central bank’s 2.4% forecast as household consumption slowed and government spending contracted due to ongoing budget constraints.
  • In other news, Bloomberg reports that Colombia’s regulator has stepped in to prevent the sale of Venezuela fertiliser plant Monomeros Colombo Venezolanos, which according to a statement from the regulator could lead to the plant’s bankruptcy. Monomeros is said to be relevant to Colombia’s agriculture, food sovereignty and farmers.