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COLOMBIA: USDCOP Rises To 11-Month High, Peace Talks To Resume

COLOMBIA
BulletEM BulletEmerging Market News
  • The Colombian peso remained under pressure yesterday, despite the rebound in oil prices, after the weaker-than-expected August CPI data and end of the truckers strike raised the possibility of a faster pace of rate cuts ahead. USDCOP rose by 1.66% to 4,243, its highest close since October last year.
  • On the data front, the calendar is empty today, with August consumer confidence due tomorrow and then the latest BanRep economist survey on Friday. The latter will provide further clues on market rate cut expectations ahead of the Sept 30 BanRep MPC meeting.
  • In other news, the government and the Segunda Marquetalia, a dissident group of the former FARC guerrilla army, said yesterday that they would resume peace talks that have been stalled since July. In a joint statement, they said they would hold talks in Havana, without providing a date. The Segunda Marquetalia had agreed to a unilateral ceasefire in June, but talks broke down the group said because of the government's failure to cancel warrants for the arrest of the faction's leaders.
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  • The Colombian peso remained under pressure yesterday, despite the rebound in oil prices, after the weaker-than-expected August CPI data and end of the truckers strike raised the possibility of a faster pace of rate cuts ahead. USDCOP rose by 1.66% to 4,243, its highest close since October last year.
  • On the data front, the calendar is empty today, with August consumer confidence due tomorrow and then the latest BanRep economist survey on Friday. The latter will provide further clues on market rate cut expectations ahead of the Sept 30 BanRep MPC meeting.
  • In other news, the government and the Segunda Marquetalia, a dissident group of the former FARC guerrilla army, said yesterday that they would resume peace talks that have been stalled since July. In a joint statement, they said they would hold talks in Havana, without providing a date. The Segunda Marquetalia had agreed to a unilateral ceasefire in June, but talks broke down the group said because of the government's failure to cancel warrants for the arrest of the faction's leaders.