COP: Taking A Breather

May 2008 | Currency Forecast

In the short-term, we expect the fast pace of the Colombian peso's appreciation to come off slightly and for it to consolidate its considerable upside gains thus far at around COP1,800/US$. Well-supported at COP1,871/US$, a major weakening is looking unlikely. However, we do not think the peso is ready to challenge 18-year resistance at COP1,700/US$, having come so far.

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