Trader Take: USDCOP Open Aug 6 By Santiago Calvache Another quiet and iliquid session in USDCOP that has moved into summer mode this week. Activity has been mainly from RM but market continues trading below average volumes. Interbank traded 485.5 million yesterday while 30-day average stands at 741 million. (Source: Citi Calculations – Local Trading Screen) As mentioned above the main topic has been low liquidity in the market. Spot has traded in line with Latam peers given low local headlines and most of the attention in global sentiment. I believe that the low volumes in spot can be explained by US summer period as well as a the low cash balances which make it more expensive to trade in the local screen.Forward points have moved higher from -150 to -100 basis as we saw some cash inflows from RM clients in the past sessions. The rest of the curve continues trading stable with most of the 1x tenors trading around 10. Levels to watch:YTD low: 3949Support: 4018.41Current spot: 4066dma20: 4068.23Yesterday close: 4090dma50: 4096.69dma100: 4154.05Recent High: 4205