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CIBC analysts expect USD/COP to reach 4200 by end of Q1 and 4100 by mid-year, as Banrep raised its overnight rate 100 bps to 4.00%, above market consensus. They expect another 100 bps hike in March and a Q3 terminal rate of 7.50%.
Political risk ahead of the May 29 Colombian presidential election is also weighing on the peso.
A weaker peso raises the local-currency cost of imported feed ingredients for Colombia, and tighter Colombian monetary policy signals rising financing costs for feed and livestock producers. The forecast points to continued peso pressure into mid-year.
teletrade.orgFeb 4, 2022Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
