MNI BRIEF: Bank Of Italy Downgrades 2024 Inflation Forecast

CANADA MAR JOBLESS RATE 6.1% VS FORECAST 5.9%, PRIOR 5.8%

MNI: Canada Wages Up 5% Even With Highest Jobless Rate In 2Yrs

MNI BRIEF: Monetary, Fiscal Policy Need Harmony - Campos Neto

CORRECTED-MNI: Changing Brazil Fiscal Target Not "Plan A"

MNI BRIEF: PBOC To Curb Any Overshooting Of The Yuan-MPC

MNI: US FEB CONSUMER CREDIT +$14.1B

MNI: BAKER HUGHES US RIG COUNT 620; OIL RIGS 508; GAS RIGS 110

EZ/UK Bond Supply Calendar: EU-Bond Auction, BoE Short APF Mon

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

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
BulletEM BulletEmerging Market NewsHomepage
BulletEM BulletEmerging Market NewsHomepage

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.