COP – COP is the underperformer in the LatAm complex today, with USDCOP trading approximately 1.57% higher at 3939 after having broken 3900 support on Friday following global sentiment post US NFP. The move seems mostly flow-driven, with nothing local on the radar, and our trader Santiago believes the move lower on Friday may have been a bit overextended, making the rally today more dramatic. Flow-wise we saw COP outflows in cash and NDF space.