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COP Continues To Outperform Amid Oil Rally, CPI Due This Weekend

COLOMBIA
  • COP rallied close to a further 2% to 3,774 per dollar, posting the best performance among 24 EM currencies tracked by Bloomberg on Thursday and this week. The continued outperformance inextricably linked to the performance of oil prices in the face of a firmer dollar and renewed pressure on major equity indices.
  • In Colombia, analysts will eye inflation data expected tomorrow. The median forecast of analysts surveyed by Bloomberg point to an acceleration in annual inflation to 7.60% from 6.94% in January. If so, it would be almost twice the upper-limit of the 2-4% target range placing added pressure on BanRep who are due to meet on March 31.

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