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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
COLOMBIA
- The Colombia Peso has risen to its best levels of the year with the USDCOP spot rate hitting the lowest point since September last year.
- The moves come amid near 4% declines for crude futures, an unusual move given the currency’s natural correlation to the nation’s largest export. While some analyst reports have pointed to corporate inflows tied to tax payments as the most likely driver, similar optimism is being reflected in the IBR swaps curve, with 5-year swap rates falling by as much as 17 basis points on Tuesday.
- Markets will keep a close eye on the progress of labour and pension reforms, as officials continue discussions today with a lower house committee. Short-term anxieties following the cabinet reshuffle in late April have largely been dismissed as newly appointed finance minister continues to display similar (market friendly) views to his predecessor, Jose Antonio Ocampo.
- Recall that last week, Goldman Sachs revised their USDCOP forecasts lower, reflecting the corresponding ebbing of domestic political concern, following the cabinet reshuffle. For reference, they revised their USD/COP forecasts lower to 4400, 4300 and 4300 in 3, 6 and 12 months (from 4500, 4400 and 4400 previously).
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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