BOC SAYS DOESN'T NEED TO ALTER PATH OF QT RIGHT NOW

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February Trade Data Due

COLOMBIA
  • COP underperformed Thursday, losing 0.9% against the dollar, as this week’s dip in the oil price weighed on the currency. BBVA also note that the divergence of performance with Andean peers, such as CLP, is consistent with unwinds of long positions in the high-carry currencies and short positions in the low-carry currencies.
  • Given the similar story in MXN and its 1.65% depreciation overnight, further COP pressure could be expected at today’s open, with the more familiar 3870-3970 range parameters back in focus. Overall, real yields remain relatively high, which should help to anchor COP, but analysts have noted this could change later this quarter as BanRep progresses with its easing cycle.
  • Finance Minister Bonilla is in Washington today and will speak at the Council of the Americas at 2000BST(1500ET). In terms of the macro data, February trade balance and import figures will be released at 1600BST(1100ET). Analysts expect the trade deficit to narrow slightly to $700mn, from $959.5mn in January.• Feb. Trade Balance, est. -$700m, prior -$959.5m
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