COP – COP moved higher and outperformed its peers today. Our local trader noted COP inflows in the NDF space from fast money, real money, and the corporate space in the morning which he saw continuing into the second half of the session as well. He notes that some clients likely reduced positions ahead of Friday’s Banrep meeting and are now looking to add once again as the Central Bank remained conservative on cutting. Liquidity is thin in COP today, though with tax season beginning next week, USDCOP will likely be contained in upside moves and outperform peers on positive seasonality. Levels to watch are 3,860 and 3,822. On the geopolitical front, comments from Colombia’s president Petro made headlines today that if Israel does not comply with the March 25th UN Security Council Resolution demanding an immediate ceasefire in Gaza, he would break off diplomatic relations with the Israeli government. Looking ahead, Colombia will report unemployment on Thursday, where consensus expects 11.7% versus 12.4% prior. Colombia will be closed on 3/28 and 3/29 for Holy Thursday and Good Friday.