COP – Today, COP is higher in-line with regional peers. Our local trader saw a very quiet day due to the UK holiday, but saw some demand in the forward space in the 2 months and 9 month area. This pushed points higher, though he noted it was short lived as this move got quickly faded. Our trader thinks that USDCOP will continue being range bound between the levels 3850-3950 for the short term while positioning gets clean. This afternoon, Banrep will report meeting minutes. Citi Economics will be looking for Banrep’s views around its 50bp cut and any additional forward guidance. Also this week, CPI will be released on Tuesday, May 7th at 11am EST. Our econ team expects April CPI to post a 0.59% MoM rise, bringing annual headline to 7.16%.
