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COP Stages Relief Rally Following Local Holiday

COLOMBIA
  • The Colombian peso benefitted from cooling expectations for dollar strength, rising over 3% on Tuesday after playing catch up following Monday’s market closure. USDCOP fell back below the psychological 5,000 mark following a revival in risk-appetite keeping indices for emerging-market currencies and stocks on the front-foot.
  • President Gustavo Petro travels to Paris for a meeting with French President Emmanuel Macron and OECD Secretary General Mathias Cormann.
    • Petro will be attending the signing of an agreement between the ECB and the country’s Mines and Energy ministry.
  • Regarding Colombia's tax reform, in a press conference yesterday, Ecopetrol president Felipe Bayon said that “with the understanding that we have today of the text that is currently under discussion, the impact on Ecopetrol is significantly lower” than what was initially estimated.
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  • The Colombian peso benefitted from cooling expectations for dollar strength, rising over 3% on Tuesday after playing catch up following Monday’s market closure. USDCOP fell back below the psychological 5,000 mark following a revival in risk-appetite keeping indices for emerging-market currencies and stocks on the front-foot.
  • President Gustavo Petro travels to Paris for a meeting with French President Emmanuel Macron and OECD Secretary General Mathias Cormann.
    • Petro will be attending the signing of an agreement between the ECB and the country’s Mines and Energy ministry.
  • Regarding Colombia's tax reform, in a press conference yesterday, Ecopetrol president Felipe Bayon said that “with the understanding that we have today of the text that is currently under discussion, the impact on Ecopetrol is significantly lower” than what was initially estimated.