Greece and lower oil prices taking toll on Colombian peso

The Colombian peso was the worst performing currency in the region as it lost around 1.3% vs. the USD to USD-COP 2670 on Monday. While the Greek developments surely put pressure on EM FX, the fact that oil prices declined throughout the day in a significant way also put pressure on the COP. The Vasconia oil mix (Colombia's main oil export) has declined around 6% on a w-o-w basis further adding woes to the peso from a fundamental perspective. 

"We still believe that the peso should continue with its slide and see USD-COP at 2700 by the end of Q3 2015", states Commerzbank.