(Bloomberg) The Colombian peso depreciated by 0.3% after rising to 0.6% earlier amid the oil rally. The lack of significant local drivers causes traders to aim for a possible profit-taking move near the key level of the currency.
The COP came close to testing 3,730/USD, which attracted a significant number of dollar buyers on March 9.
Crude oil maintains most of the gains seen when the local market opened, reinforcing the view that depreciation is more tied to specific outflows than to a setback in sentiment, while low daily volume also exacerbates movement.
South American currencies continue to be one of the favorite destinations for foreign capital amid higher interest rates, the rise in commodity prices and the view that local assets are undervalued.
Some of the information comes from FX traders familiar with the transactions who asked not to be identified because they are not allowed to speak publicly.
Original Note:
Colombian Peso Reverses Early Gains as 3,730/USD Key Level Holds
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