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COLOMBIA: USDCOP Rises 1.4% Amid Further Oil Price Decline

COLOMBIA
BulletEM BulletEmerging Market News
  • The Colombian peso continue to underperform today amid the continued decline in oil prices, which has seen WTI crude fall to its lowest level since December 6. The fall in oil comes amid broader pressures on commodities following the US implementation of tariffs on Mexico, Canada and China, as well as news that OPEC+ has decided to raise output this week. USDCOP has risen by 1.4% to 4164, at typing, bringing the pair to its highest level since Feb 13.
    • Meanwhile, OBR swap rates have fallen across the curve, following the decline in core rates, with yields down by 5-8bp through the belly and long-end. The move leaves long-end yields down by as much as 18bp over the last week, as growth concerns continue to weigh.
    • Earlier this week, President Petro called on the central bank to lower interest rates to aid the economy and support the agricultural sector. BanRep is due to hold its next MPC meeting on March 31, when it is expected to deliver a 25bp cut, following the surprise pause in January.
    • Before then, February CPI data on Friday will have bearing on the decision, with both headline and core inflation expected to edge lower, but remain above the 5% mark amid a large minimum wage increase and rising gas prices.
    • Meanwhile, Ecopetrol will report its Q4 results after market close today, with company president, Ricardo Roa, set to hold a press conference at 2130GMT(1630ET) to discuss the results.
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  • The Colombian peso continue to underperform today amid the continued decline in oil prices, which has seen WTI crude fall to its lowest level since December 6. The fall in oil comes amid broader pressures on commodities following the US implementation of tariffs on Mexico, Canada and China, as well as news that OPEC+ has decided to raise output this week. USDCOP has risen by 1.4% to 4164, at typing, bringing the pair to its highest level since Feb 13.
    • Meanwhile, OBR swap rates have fallen across the curve, following the decline in core rates, with yields down by 5-8bp through the belly and long-end. The move leaves long-end yields down by as much as 18bp over the last week, as growth concerns continue to weigh.
    • Earlier this week, President Petro called on the central bank to lower interest rates to aid the economy and support the agricultural sector. BanRep is due to hold its next MPC meeting on March 31, when it is expected to deliver a 25bp cut, following the surprise pause in January.
    • Before then, February CPI data on Friday will have bearing on the decision, with both headline and core inflation expected to edge lower, but remain above the 5% mark amid a large minimum wage increase and rising gas prices.
    • Meanwhile, Ecopetrol will report its Q4 results after market close today, with company president, Ricardo Roa, set to hold a press conference at 2130GMT(1630ET) to discuss the results.