COP – USDCOP market opened lower again following peers. Flow has been lower today but better inflows again from HFs. We moved lower yesterday after Banrep Villar came out more hawkish than expected and saw HFs and FM clients selling USDCOP while local Corps and RM in cash were buyers. We now sit below 55dma again and we move back into the range of 3900-3950-3990, which is what we have seen for the past 2 months. Our trader sees this range holding steady in the short term as we await further drivers.
