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COLOMBIA: USDCOP Extends Weekly Gains, Bogota Water Pressures Ease

COLOMBIA
BulletEM BulletEmerging Market News
  • The Colombian peso has opened weaker against the dollar on Tuesday, amid a dip in oil prices, after underperforming peers yesterday. USDCOP is up by a further 0.5% in early trade, taking total gains so far this week to 1.4%. The move still leaves the pair almost 4% below the Feb 3 high, however, following the central bank’s unexpected pause in its easing cycle at the end of January. While BanRep is likely to remain cautious in delivering further rate cuts ahead, ongoing fiscal pressures remain a risk for the peso, and some analysts have noted that valuations look stretched.
  • Meanwhile, the appointment of former ambassador and senator Armando Benedetti as interior minister is getting closer after his resume was published yesterday on the presidency’s website, a step prior to the official appointment. Benedetti will promote key reforms, including overhauls of health, where a second debate on the Lower House floor has been stalled for several weeks.
  • In other news, the mayor of Bogota, Fernando Galán, has said that water restrictions in the city could end in April if water levels in the reservoirs that supply it rise, according to local media. This would mark one year since the measures were first adopted.
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  • The Colombian peso has opened weaker against the dollar on Tuesday, amid a dip in oil prices, after underperforming peers yesterday. USDCOP is up by a further 0.5% in early trade, taking total gains so far this week to 1.4%. The move still leaves the pair almost 4% below the Feb 3 high, however, following the central bank’s unexpected pause in its easing cycle at the end of January. While BanRep is likely to remain cautious in delivering further rate cuts ahead, ongoing fiscal pressures remain a risk for the peso, and some analysts have noted that valuations look stretched.
  • Meanwhile, the appointment of former ambassador and senator Armando Benedetti as interior minister is getting closer after his resume was published yesterday on the presidency’s website, a step prior to the official appointment. Benedetti will promote key reforms, including overhauls of health, where a second debate on the Lower House floor has been stalled for several weeks.
  • In other news, the mayor of Bogota, Fernando Galán, has said that water restrictions in the city could end in April if water levels in the reservoirs that supply it rise, according to local media. This would mark one year since the measures were first adopted.