COP – USDCOP pushed higher to 4,894.48 after open but steadily declined as the session goes on. The drop halted around yesterday’s closing level at 4,832.35 for an hour and a half, then had another leg down, testing 4,800. Flow wise, our local traders has seen Real Money inflows. On the Corps side, we have seen mixed flows but better inflows. February CPI will print on Saturday, with consensus at 13.36% and prior 13.25%. On local politics, Invamer published the results of their February survey, showing a decrease in President Petro’s approval rate to 40%, dropping 8bps from December. This declining popularity might pressure Petro to retain popular support from his voter base by doubling down on his reform agenda. On the flip side, lower approval ratings also allow room for congress to push back on these reforms as the president’s mandate weakens.
