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The USD/COP pair is approaching the 3600 level as oil prices recover on COVID-19 vaccine news. CIBC says a break below 3600 could open a path toward 3350, but it sees limited room for sustained peso appreciation beyond the oil rally.
CIBC expects USD/COP to stay in a 3600-3800 range for most of 2021 because of fiscal uncertainty and downgrade risk.
Feed buyers importing into Colombia see little near-term change in the peso's exchange rate, so import costs in local currency are not expected to shift much. The main risk is a credit downgrade that could weaken the peso.
octaafrica.netNov 26, 2020Not 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.
