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COLOMBIA: COP Extends Weekly Advance To 3.5%, BanRep MPC Meeting Next Week

COLOMBIA
BulletEM BulletEmerging Market News
  • The Colombian peso is continuing to outperform on Friday, aided by the pullback in the dollar amid Trump’s China tariff comments and unwinding of some of the defensive positions in Latam FX that existed ahead of his inauguration. USDCOP has fallen by a further 1.2% today, extending losses this week to 3.5% and bringing the pair to the lowest level since Oct 7.
    • The move comes despite additional fiscal uncertainties arising from the violence in the Catatumbo region near the Venezuelan border. Earlier, Finance Minister Guevara said that the government is considering imposing a VAT on online gambling platforms to help finance the internal commotion, the emergency state declared by the government for the region.
    • Guevara said that the security crisis demands more fiscal revenue and the VAT is a fast way to raise taxes, adding that the government isn’t considering changes to the fiscal rule.
    • Looking ahead, attention turns next week to BanRep’s interest rate decision on Friday, when a further 25bp cut to 9.25% is expected. Risks may be skewed towards a pause, however, after the Finance Minister raised that possibility earlier this month.
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  • The Colombian peso is continuing to outperform on Friday, aided by the pullback in the dollar amid Trump’s China tariff comments and unwinding of some of the defensive positions in Latam FX that existed ahead of his inauguration. USDCOP has fallen by a further 1.2% today, extending losses this week to 3.5% and bringing the pair to the lowest level since Oct 7.
    • The move comes despite additional fiscal uncertainties arising from the violence in the Catatumbo region near the Venezuelan border. Earlier, Finance Minister Guevara said that the government is considering imposing a VAT on online gambling platforms to help finance the internal commotion, the emergency state declared by the government for the region.
    • Guevara said that the security crisis demands more fiscal revenue and the VAT is a fast way to raise taxes, adding that the government isn’t considering changes to the fiscal rule.
    • Looking ahead, attention turns next week to BanRep’s interest rate decision on Friday, when a further 25bp cut to 9.25% is expected. Risks may be skewed towards a pause, however, after the Finance Minister raised that possibility earlier this month.