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Summary 2/3 - COP Weakness, Chile Restrictions

LATAM

COLOMBIA - The Colombian Peso was the worst performer globally, down 1.7%, closing at 3589.13. Outside of the broader USD bid, there may have been a positioning adjustment in line with regional FX weakness. Some analysts have noted a strong demand for roll may have exacerbated some of the move in spot.

  • Sadly, the Presidency announced that Defence Minister Trujillo has died from Covid-19.

CHILE - Yesterday it was announced by the government that another 10 municipalities go back to total quarantine starting Thursday, and 19 back to transition phase (weekend quarantine). None of the announced changes correspond to municipalities in the Metropolitan Region.

  • The Peso struggled in similar price action to LatAm peers. USDCLP rebounded 0.62% and eyes next resistance at 739.64.

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