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Finance Minister Bonilla Speaks At 2100BST

COLOMBIA
  • USDCOP lost 1.04% yesterday on a rebound in risk sentiment, bringing the pair back below the 4000 level. BBVA sees levels closer to the mid-3900s as opportunities to fade COP strength and continue to expect a more marked depreciation in the COP to 4400-4500 in the coming months, especially as BanRep is expected to accelerate interest rate cuts later this quarter.
  • Today, Finance Minister Bonilla will speak at an event in Bogotá at 2100BST(1600ET), which will also include the participation of Trade Minister Luis Carlos Reyes.
  • Data wise, no macro figures are due today, with June industrial and retail confidence to follow tomorrow and latest unemployment data next week ahead of the July 31 BanRep MPC meeting. Analysts currently expect the central bank to deliver another 50bp cut to 10.75% next week, before stepping up the easing pace to 75bp from September.

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