COP – COP has weakened slightly in a session that saw the USD bid across the LatAm complex. Flows have been very consistent for the past couple of weeks, which explains why USDCOP has been trading in a tight range lately. Spot wise, our traders are watching 3900 as support and 3937 as first resistance and on the flows side, they saw COP inflows from locals. On the macro front, according to research group Fedesarrollo, the industrial confidence index stood at 0.2% in January, a 4.5pp recovery from December. The uptick is explained by improving production expectations for the quarter ahead (+18.2pp) and declining stock levels (-3.3pp), while partially offset by a lower order volume (-8.0pp). All in all, our econ team thinks signs of recovery in Colombia are slowly emerging, but confidence remains relatively downbeat.