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Snapshot: Weaker Oil Weighs On Colombia Peso

LATAM
  • With WTI crude futures trading at the March 2020 lows, the Colombian Peso is underperforming its regional peers on Tuesday. Price action has been exacerbated by the firmer dollar index since the week’s open and the USDCOP adjusting following yesterday’s national holiday.
  • Most regional currencies are also in the red, however, losses pale in comparison to the 2% COP selloff. PEN is outperforming, potentially due to stronger activity data and on the back of headlines surrounding the government mulling another phase of their Reactiva program to promote industry and competitiveness. However, with President Castillo’s most recent approval rating only rising to 25% amid a plethora of criminal accusations, headwinds for the Sol remain in abundance.
  • There are no major Latin American data releases on Wednesday so focus will be solely on US retail sales data for July before the release of the FOMC minutes. Chilean GDP highlights the docket for Thursday.
  • Below gives key levels of LatAm markets in current trade:
    • USDMXN up 0.13% at 19.8574
    • USDBRL up 0.72% at 5.1341
    • USDCLP up 0.85% at 883.53
    • USDCOP up 2.1% at 4247.59
    • USDPEN down 0.52% at 3.8349
    • USDARS up 0.56% at 135.3366
    • USDCNH down 0.36% at 6.7914
    • S&P E-Mini Future up 27.25 points (0.63%) at 4325.75
    • WTI Crude Oil (front-month) down $3.36 (-3.76%) at $85.98
    • Copper Futures up 1.7 (0.47%) at 363.45
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  • With WTI crude futures trading at the March 2020 lows, the Colombian Peso is underperforming its regional peers on Tuesday. Price action has been exacerbated by the firmer dollar index since the week’s open and the USDCOP adjusting following yesterday’s national holiday.
  • Most regional currencies are also in the red, however, losses pale in comparison to the 2% COP selloff. PEN is outperforming, potentially due to stronger activity data and on the back of headlines surrounding the government mulling another phase of their Reactiva program to promote industry and competitiveness. However, with President Castillo’s most recent approval rating only rising to 25% amid a plethora of criminal accusations, headwinds for the Sol remain in abundance.
  • There are no major Latin American data releases on Wednesday so focus will be solely on US retail sales data for July before the release of the FOMC minutes. Chilean GDP highlights the docket for Thursday.
  • Below gives key levels of LatAm markets in current trade:
    • USDMXN up 0.13% at 19.8574
    • USDBRL up 0.72% at 5.1341
    • USDCLP up 0.85% at 883.53
    • USDCOP up 2.1% at 4247.59
    • USDPEN down 0.52% at 3.8349
    • USDARS up 0.56% at 135.3366
    • USDCNH down 0.36% at 6.7914
    • S&P E-Mini Future up 27.25 points (0.63%) at 4325.75
    • WTI Crude Oil (front-month) down $3.36 (-3.76%) at $85.98
    • Copper Futures up 1.7 (0.47%) at 363.45