COP – COP also declined today amid a strong dollar tone across the region. COP’s sell off today snapped a 3-day rally. Locally, President Petro spoke at a panel at the World Economic Forum. On the macro front, Central bank co-director Taboada said at an event that officials will carry on cutting interest rates, but they need strong data to show that disinflation process is continuing at an appropriate pace. Our trader flags that he has been seeing a good interest to buy USDCOP from HFs as they reduce risk and take some profit, while RM clients in NDF have mostly been on the sidelines. On the flow side, he noted seeing COP inflows from corps and today some mixed flows in NDF from local real money. He is watching 3900 to 3970 as a range in the short term for USDCOP.
