COP – COP is the region’s top underperformer having traded up to 4022.50 and sold off into the close. Trading is seeing some interest to buy USD after the low GDP print increased the chances of a Banrep cut at the next meeting. During the day, they also saw outflows from RM clients and corporates. We have continued to see an interest from clients to buy USD below 4,000 as a profit-taking level while the 55dma (4095) is the level to watch on the upside.