Quotes from Commerzbank Corporates & Markets:
-COP: The Colombian peso showed the weakest intraregional performance yesterday even as oil ended the day with a marginal better tone. A more dovish stance from the central bank continues to weigh on COP's sentiment, particularly as growth continues to decelerate and is now seen by some board members in the 3-3.5% range during 2015.
-On top of this, the negative terms-of-trade shock that the economy is facing will likely be long lasting and thus continue exerting a negative effect on the peso. We continue to forecast additional weakness in the peso in the coming months that according to our estimates could be as much as an additional 7% depreciation from current levels.
