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USDCOP Stages Potential Breakout Through 3900 Resistance

  • USDCOP breached 3900 yesterday marking the lowest level seen for the Colombian Peso since May 2020. Continuing depreciation may see USDCOP head towards the March 2020 highs that reside just above the 4100 mark.
    • Recent market volatility and heavy risk sentiment has weighed on the local currency ahead of Friday's central bank decision where currently all surveyed analysts expect rates to be left at 1.75%.
  • 8:40am Bogota time: Colombia Finance Minister Jose Manuel Restrepo speaks in economic event.


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