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USDCOP Reverses Higher After Dipping To Fresh Year-to-Date Low

COLOMBIA
  • An early extension of Colombian peso strength saw USDCOP fall to a fresh year-to-date low on Tuesday. The pair briefly tested a notable pivot area around 3876 that appears technically significant dating back to December 2021. A swift reversal lower for crude futures throughout the second half of the session saw USDCOP rise back above 3900.
  • Overall, the above estimate inflation and growth data has been providing general support to the Peso, with BanRep expected to announce a rate hold at 13.25% at the September 29 meeting.

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