COP – COP performs in line with its Latam peers as USDCOP stayed below the USD resistance level of 4,800 and dropped further during Powell’s speech. It is a calmer day flow wise and our local traders point out the flows are flat in this session. In local news, Petro’s government presented the National Development Plan (PND) on Monday, which sets priorities for the 4-year administration. Congress has three months to approve the plan with discussions kicking off today.
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The breaks were slightly pulled on US-payrolls price action, as Fed Chair Powell maintained relatively dovish rhetoric Tuesday in NY. US equities rallied, with notable tech-, energy- sector outperformance. Most high beta G10, EM FX rallied, though USD inflows were as resilient as high US yields. JPY’s rally stood out ahead of Friday’s BoJ Governor announcement, while Latam FX diverged amid local political noise. Fedspeak will continue Wednesday, alongside likely-hawkish ECB speeches. INR pays attention to Adani-related developments as much as it minds the RBI’s rate decision. USDPHP’s climb should be monitored, whereas JPY’s current account balance may fall to the background. |
